Cost of Living Comparison Between Medellin and Hafnarfjordur Cost of Living Comparison Between Medellin and Hafnarfjordur

Monthly Cost of Living

A single person spends $1,681 per month in Medellin vs $3,883 in Hafnarfjordur, rent included.

A couple spends around $2,445 per month in Medellin vs $5,451 in Hafnarfjordur, rent included.

A family of three spends $3,210 per month in Medellin vs $7,020 in Hafnarfjordur, rent included.

Medellin is about 57% cheaper than Hafnarfjordur, driven mainly by Eating Out.

Both Medellin and Hafnarfjordur sit above the global median – Medellin by 23%, Hafnarfjordur by 184%.

Meal at Budget Restaurant

$8.02 COP 25.0K

$29.94 ISK 3,646

-73.21%

Three-Course Dinner for Two, Mid-Range

$47.87 COP 149.4K

$138 ISK 16.8K

-65.30%

Fast Food Meal (McDonalds, etc)

$9.89 COP 30.8K

$16.77 ISK 2,043

-41.03%

Cappuccino

$3.13 COP 9,767

$6.76 ISK 824

-53.70%

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

$1.91 COP 5,954

$3.40 ISK 414

-43.82%

Water (0.33 liter bottle)

$1.51 COP 4,712

$3.19 ISK 389

-52.66%

Local Beer (0.5 liter draught)

$3.12 COP 9,747

$14.25 ISK 1,735

-78.11%

Imported Beer (0.33 liter bottle)

$5.75 COP 17.9K

$12.40 ISK 1,510

-53.63%

Milk (1 liter)

$1.44 COP 4,509

$1.71 ISK 209

-15.79%

White Bread (500g)

$2.49 COP 7,759

$4.27 ISK 521

-41.69%

Rice (white) (1kg)

$1.77 COP 5,535

$3.68 ISK 448

-51.90%

Eggs

$2.96 COP 9,235

$7.36 ISK 896

-59.78%

Local Cheese (1kg)

$10.07 COP 31.4K

$21.02 ISK 2,560

-52.09%

Chicken Fillets (1kg)

$10.12 COP 31.6K

$25.05 ISK 3,051

-59.60%

Beef Round Steak (1kg)

$14.30 COP 44.6K

$42.64 ISK 5,193

-66.46%

Apples (1kg)

$4.14 COP 12.9K

$3.36 ISK 410

23.21%

Banana (1kg)

$1.61 COP 5,019

$2.49 ISK 303

-35.34%

Oranges (1kg)

$2.25 COP 7,007

$3.21 ISK 391

-29.91%

Tomato (1kg)

$2.25 COP 7,028

$6.43 ISK 783

-65.01%

Potato (1kg)

$2.04 COP 6,375

$3.98 ISK 484

-48.74%

Onion (1kg)

$1.54 COP 4,790

$1.65 ISK 201

-6.67%

Lettuce (1 head)

$1.17 COP 3,651

$3.79 ISK 461

-69.13%

Water (1.5 liter bottle)

$1.31 COP 4,077

$1.82 ISK 221

-28.02%

Cigarettes 20 Pack (Marlboro, Camel)

$3.90 COP 12.2K

$14.15 ISK 1,724

-72.44%

Wine (Bottle)

$14.01 COP 43.7K

$23.99 ISK 2,922

-41.60%

Local Beer (0.5 liter bottle)

$1.74 COP 5,439

$3.86 ISK 471

-54.92%

Imported Beer (0.33 liter bottle)

$2.87 COP 8,956

$3.45 ISK 421

-16.81%

One-way Ticket (Public Transport)

$1.22 COP 3,792

$5.33 ISK 649

-77.11%

Public Transport Monthly Pass (Regular Price)

$80.5 COP 251.1K

$85.0 ISK 10.4K

-5.31%

Taxi Start (Normal Tariff)

$1.31 COP 4,084

$6.72 ISK 818

-80.51%

Taxi (Normal Tariff) (1km)

$2.19 COP 6,825

$2.80 ISK 341

-21.79%

Taxi 1hour Waiting (Normal Tariff)

$8.71 COP 27.2K

$73.9 ISK 8,997

-88.21%

Gasoline (1 liter)

$1.37 COP 4,260

$1.93 ISK 235

-29.02%

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

$27.8K COP 86.9M

$50.3K ISK 6.1M

-44.67%

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

$35.8K COP 111.6M

$53.7K ISK 6.5M

-33.41%

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

$177 COP 553.2K

$68.8 ISK 8,382

157.63%

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

$13.88 COP 43.3K

$33.41 ISK 4,070

-58.46%

Internet (50+ Mbps, Unlimited Data)

$29.72 COP 92.8K

$84.7 ISK 10.3K

-64.92%

Gym Membership (Monthly)

$44.88 COP 140.1K

$66.2 ISK 8,067

-32.24%

Tennis Court (1 Hour on Weekend)

$17.12 COP 53.4K

Cinema Ticket

$6.65 COP 20.7K

$16.76 ISK 2,042

-60.32%

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

$813 COP 2.5M

$1,190 ISK 145.0K

-31.70%

International Primary School, 1 Child (Yearly)

$9,187 COP 28.7M

$31.5K ISK 3.8M

-70.84%

Jeans (Levis 501 Or Similar)

$89.5 COP 279.3K

$124 ISK 15.1K

-27.71%

Summer Dress (H&M, Zara, etc)

$59.0 COP 184.0K

$66.9 ISK 8,152

-11.89%

Sport Shoes (Adidas, Nike)

$138 COP 431.2K

$122 ISK 14.8K

13.71%

Men's Leather Business Shoes

$102 COP 318.7K

$254 ISK 31.0K

-59.81%

1-bedroom Apartment, City Center (Monthly)

$1,062 COP 3.3M

$2,445 ISK 297.8K

-56.57%

1-bedroom Apartment, Outside City Center (Monthly)

$663 COP 2.1M

$2,055 ISK 250.4K

-67.75%

3-bedroom Apartment, City Center (Monthly)

$1,888 COP 5.9M

$3,353 ISK 408.4K

-43.68%

3-bedroom Apartment, Outside City Center (Monthly)

$1,027 COP 3.2M

$2,683 ISK 326.7K

-61.71%

Buy Apartment in City Center (m2)

$4,183 COP 13.1M

$7,113 ISK 866.4K

-41.19%

Buy Apartment Outside City Center (m2)

$1,675 COP 5.2M

$7,146 ISK 870.4K

-76.57%

Average Monthly Net Salary (After Tax)

$678 COP 2.1M

$4,674 ISK 569.3K

-85.50%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

8.88

23.20%

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

Last update for Medellin: September 14, 2026

Last update for Hafnarfjordur: September 13, 2026

Cost Breakdown

A central one-bedroom costs $1,062 in Medellin versus $2,445 in Hafnarfjordur. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 590% higher in Hafnarfjordur, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $48.00 in Medellin versus $138 in Hafnarfjordur. Monthly groceries follow the same trend: $305 vs $623 – making Medellin the more affordable choice for daily food spending.

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 Hafnarfjordur: Cost of Living - Frequently Asked Questions

Hafnarfjordur costs about 131% more than Medellin, with the gap driven mainly by Eating Out. That's enough to noticeably affect everyday spending and lifestyle for anyone choosing between the two.

For a comfortable life, plan on about $2,521 per month in Medellin and $5,824 in Hafnarfjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Medellin, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Monthly expenses with rent come to $1,681 in Medellin and $3,883 in Hafnarfjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Public transport costs about 6% less in Medellin. For daily commuters, that gap adds up to noticeable savings over a year.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,681, than in Hafnarfjordur at $3,883. In Medellin it covers expenses comfortably, while in Hafnarfjordur it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Medellin costs $1,681 versus $3,883 in Hafnarfjordur. 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 Medellin. If higher salaries, better infrastructure, or specific career opportunities are the priority, Hafnarfjordur makes more sense. Both are solid long-term options with distinct trade-offs.