Cost of Living Comparison Between Medellin and Bakkafjordur Cost of Living Comparison Between Medellin and Bakkafjordur

Monthly Cost of Living

A single person spends $1,555 per month in Medellin vs $247 in Bakkafjordur, rent included.

A couple spends around $2,314 per month in Medellin vs $418 in Bakkafjordur, rent included.

A family of three spends $3,072 per month in Medellin vs $588 in Bakkafjordur, rent included.

Medellin costs about 530% more than Bakkafjordur, driven mainly by Clothing & Footwear.

Medellin sits 15% above the global median, while Bakkafjordur is 82% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$7.59 COP 24.7K

Three-Course Dinner for Two, Mid-Range

$44.78 COP 145.7K

Fast Food Meal (McDonalds, etc)

$9.24 COP 30.1K

Cappuccino

$2.95 COP 9,591

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$1.80 COP 5,861

Water (0.33 liter bottle)

$1.35 COP 4,391

Local Beer (0.5 liter draught)

$2.93 COP 9,544

Imported Beer (0.33 liter bottle)

$5.46 COP 17.8K

Milk (1 liter)

$1.43 COP 4,663

White Bread (500g)

$2.39 COP 7,785

$2.22 ISK 271

7.66%

Rice (white) (1kg)

$1.60 COP 5,209

$2.22 ISK 271

-27.93%

Eggs

$2.88 COP 9,364

$4.92 ISK 599

-41.46%

Local Cheese (1kg)

$9.71 COP 31.6K

$8.93 ISK 1,086

8.73%

Chicken Fillets (1kg)

$9.44 COP 30.7K

$11.05 ISK 1,345

-14.57%

Beef Round Steak (1kg)

$13.24 COP 43.1K

$10.95 ISK 1,332

20.91%

Apples (1kg)

$3.75 COP 12.2K

$2.16 ISK 263

73.61%

Banana (1kg)

$1.45 COP 4,703

$2.16 ISK 263

-32.87%

Oranges (1kg)

$2.10 COP 6,829

$2.15 ISK 262

-2.33%

Tomato (1kg)

$2.13 COP 6,930

$2.23 ISK 271

-4.48%

Potato (1kg)

$1.92 COP 6,259

$2.24 ISK 273

-14.29%

Onion (1kg)

$1.53 COP 4,984

$2.18 ISK 266

-29.82%

Lettuce (1 head)

$1.09 COP 3,549

$0.98 ISK 119

11.22%

Water (1.5 liter bottle)

$1.18 COP 3,843

$1.96 ISK 238

-39.80%

Cigarettes 20 Pack (Marlboro, Camel)

$3.79 COP 12.3K

Wine (Bottle)

$13.16 COP 42.8K

Local Beer (0.5 liter bottle)

$1.64 COP 5,337

Imported Beer (0.33 liter bottle)

$2.28 COP 7,410

One-way Ticket (Public Transport)

$1.18 COP 3,825

Public Transport Monthly Pass (Regular Price)

$73.6 COP 239.5K

Taxi Start (Normal Tariff)

$1.28 COP 4,157

Taxi (Normal Tariff) (1km)

$1.98 COP 6,434

Taxi 1hour Waiting (Normal Tariff)

$7.89 COP 25.7K

Gasoline (1 liter)

$1.29 COP 4,211

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$26.8K COP 87.2M

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$34.7K COP 112.9M

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$158 COP 513.6K

SIM Card Monthly Plan (Calls and 10GB+ Data)

$13.39 COP 43.6K

Internet (50+ Mbps, Unlimited Data)

$27.28 COP 88.8K

Gym Membership (Monthly)

$44.15 COP 143.7K

Tennis Court (1 Hour on Weekend)

$15.99 COP 52.0K

Cinema Ticket

$6.39 COP 20.8K

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$777 COP 2.5M

International Primary School, 1 Child (Yearly)

$8,800 COP 28.6M

Jeans (Levis 501 Or Similar)

$82.7 COP 269.2K

Summer Dress (H&M, Zara, etc)

$56.1 COP 182.6K

Sport Shoes (Adidas, Nike)

$131 COP 425.7K

Men's Leather Business Shoes

$95.9 COP 312.1K

1-bedroom Apartment, City Center (Monthly)

$1,006 COP 3.3M

1-bedroom Apartment, Outside City Center (Monthly)

$627 COP 2.0M

3-bedroom Apartment, City Center (Monthly)

$1,826 COP 5.9M

3-bedroom Apartment, Outside City Center (Monthly)

$969 COP 3.2M

Buy Apartment in City Center (m2)

$3,907 COP 12.7M

Buy Apartment Outside City Center (m2)

$1,576 COP 5.1M

Average Monthly Net Salary (After Tax)

$620 COP 2.0M

$5,874 ISK 714.9K

-89.45%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Medellin: September 28, 2026

Last update for Bakkafjordur: September 28, 2026

Cost Breakdown

Salaries run about 848% higher in Bakkafjordur, which reinforces the cost advantage – you earn more and spend less. Purchasing power leans clearly in its favor.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Medellin vs Bakkafjordur: Cost of Living - Frequently Asked Questions

Medellin costs about 530% more than Bakkafjordur, with the gap driven mainly by Clothing & Footwear. That's enough to noticeably affect everyday spending and lifestyle for anyone choosing between the two.

For a comfortable life, plan on about $2,333 per month in Medellin and $370 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $1,555 in Medellin and $247 in Bakkafjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Groceries cost about 15% more in Medellin, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,000 monthly budget goes further in Bakkafjordur, where all-in costs run around $247, than in Medellin at $1,555. In Bakkafjordur it covers expenses comfortably, while in Medellin it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Bakkafjordur costs $247 versus $1,555 in Medellin. Both have workable remote work infrastructure, but the cost gap matters when income varies month to month.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Bakkafjordur. If higher salaries, better infrastructure, or specific career opportunities are the priority, Medellin makes more sense. Both are solid long-term options with distinct trade-offs.