Last update: Oct 2026

Cost of Living Comparison Between Medellin and Hafnarfjordur

For one person, living is cheaper in Medellin: $1,639 a month against $3,853 in Hafnarfjordur, rent and utilities included – about $26,600 less a year. Rent and utilities account for most of the difference.

79

Cost of Living Index in Medellin
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Medellin Living Index
184

Cost of Living Index in Hafnarfjordur
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Hafnarfjordur Living Index

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Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Hafnarfjordur

🇮🇸 Iceland

$3,853

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Hafnarfjordur

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Medellin and in Hafnarfjordur actually costs, broken down by who's living it.

A single person spends $1,639 per month in Medellin vs $3,853 in Hafnarfjordur, rent included.

Medellin $1,639
Hafnarfjordur $3,853

A couple spends around $2,413 per month in Medellin vs $5,410 in Hafnarfjordur, rent included.

Medellin $2,413
Hafnarfjordur $5,410

A family of three spends $3,186 per month in Medellin vs $6,967 in Hafnarfjordur, rent included.

Medellin $3,186
Hafnarfjordur $6,967

Medellin is about 57% cheaper than Hafnarfjordur, and outside of rent the biggest gap is in eating out.

Both Medellin and Hafnarfjordur sit above the global median – Medellin by 20%, Hafnarfjordur by 183%.

Meal at Budget Restaurant

$8.09 COP 26.1K

$31.04 ISK 3,768

-73.94%

Three-Course Dinner for Two, Mid-Range

$47.05 COP 151.9K

$125 ISK 15.1K

-62.29%

Fast Food Meal (McDonalds, etc)

$9.50 COP 30.7K

$16.40 ISK 1,991

-42.07%

Cappuccino

$3.01 COP 9,735

$6.71 ISK 814

-55.14%

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

$1.80 COP 5,809

$3.33 ISK 405

-45.95%

Water (0.33 liter bottle)

$1.41 COP 4,561

$3.14 ISK 382

-55.10%

Local Beer (0.5 liter draught)

$3.18 COP 10.3K

$14.02 ISK 1,703

-77.32%

Imported Beer (0.33 liter bottle)

$5.75 COP 18.6K

$12.11 ISK 1,470

-52.52%

Milk (1 liter)

$1.51 COP 4,876

$1.67 ISK 203

-9.58%

White Bread (500g)

$2.38 COP 7,678

$4.21 ISK 511

-43.47%

Rice (white) (1kg)

$1.77 COP 5,720

$3.71 ISK 450

-52.29%

Eggs

$2.89 COP 9,333

$7.26 ISK 881

-60.19%

Local Cheese (1kg)

$10.19 COP 32.9K

$21.51 ISK 2,611

-52.63%

Chicken Fillets (1kg)

$9.87 COP 31.9K

$24.40 ISK 2,962

-59.55%

Beef Round Steak (1kg)

$13.99 COP 45.2K

$41.76 ISK 5,070

-66.50%

Apples (1kg)

$3.97 COP 12.8K

$3.24 ISK 394

22.53%

Banana (1kg)

$1.55 COP 5,012

$2.48 ISK 301

-37.50%

Oranges (1kg)

$2.18 COP 7,048

$3.19 ISK 388

-31.66%

Tomato (1kg)

$2.18 COP 7,051

$6.41 ISK 779

-65.99%

Potato (1kg)

$1.96 COP 6,337

$3.93 ISK 477

-50.13%

Onion (1kg)

$1.59 COP 5,132

$1.64 ISK 200

-3.05%

Lettuce (1 head)

$1.15 COP 3,699

$3.69 ISK 448

-68.83%

Water (1.5 liter bottle)

$1.24 COP 4,014

$1.82 ISK 221

-31.87%

Cigarettes 20 Pack (Marlboro, Camel)

$3.96 COP 12.8K

$14.04 ISK 1,705

-71.79%

Wine (Bottle)

$13.68 COP 44.2K

$24.05 ISK 2,920

-43.12%

Local Beer (0.5 liter bottle)

$1.66 COP 5,359

$3.53 ISK 428

-52.97%

Imported Beer (0.33 liter bottle)

$2.26 COP 7,291

$3.38 ISK 411

-33.14%

One-way Ticket (Public Transport)

$1.17 COP 3,771

$5.10 ISK 620

-77.06%

Public Transport Monthly Pass (Regular Price)

$77.4 COP 249.8K

$85.0 ISK 10.3K

-8.98%

Taxi Start (Normal Tariff)

$1.27 COP 4,094

$6.92 ISK 840

-81.65%

Taxi (Normal Tariff) (1km)

$2.05 COP 6,612

$2.84 ISK 345

-27.82%

Taxi 1hour Waiting (Normal Tariff)

$8.55 COP 27.6K

$80.8 ISK 9,811

-89.42%

Gasoline (1 liter)

$1.35 COP 4,349

$2.00 ISK 243

-32.50%

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

$34.1K COP 110.0M

$68.7K ISK 8.3M

-50.44%

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

$34.7K COP 111.9M

$55.8K ISK 6.8M

-37.82%

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

$170 COP 547.8K

$69.4 ISK 8,419

144.63%

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

$13.55 COP 43.8K

$32.65 ISK 3,964

-58.50%

Internet (50+ Mbps, Unlimited Data)

$28.07 COP 90.6K

$85.0 ISK 10.3K

-66.98%

Gym Membership (Monthly)

$43.70 COP 141.1K

$65.1 ISK 7,900

-32.84%

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.5K

Cinema Ticket

$6.91 COP 22.3K

$17.08 ISK 2,073

-59.54%

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

$797 COP 2.6M

$1,172 ISK 142.3K

-32.03%

International Primary School, 1 Child (Yearly)

$9,112 COP 29.4M

$25.9K ISK 3.1M

-64.77%

Jeans (Levis 501 Or Similar)

$84.7 COP 273.5K

$125 ISK 15.1K

-32.07%

Summer Dress (H&M, Zara, etc)

$58.0 COP 187.2K

$67.1 ISK 8,150

-13.67%

Sport Shoes (Adidas, Nike)

$135 COP 435.8K

$124 ISK 15.1K

8.44%

Men's Leather Business Shoes

$97.9 COP 316.0K

$246 ISK 29.9K

-60.28%

1-bedroom Apartment, City Center (Monthly)

$1,208 COP 3.9M

$2,496 ISK 303.1K

-51.62%

1-bedroom Apartment, Outside City Center (Monthly)

$642 COP 2.1M

$2,075 ISK 251.8K

-69.08%

3-bedroom Apartment, City Center (Monthly)

$2,028 COP 6.5M

$3,232 ISK 392.3K

-37.26%

3-bedroom Apartment, Outside City Center (Monthly)

$1,012 COP 3.3M

$2,670 ISK 324.2K

-62.11%

Buy Apartment in City Center (m2)

$4,170 COP 13.5M

$7,011 ISK 851.1K

-40.52%

Buy Apartment Outside City Center (m2)

$1,910 COP 6.2M

$7,014 ISK 851.6K

-72.77%

Average Monthly Net Salary (After Tax)

$657 COP 2.1M

$4,674 ISK 567.4K

-85.94%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

8.81

24.18%

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

Last update for Medellin: October 25, 2026

Last update for Hafnarfjordur: October 24, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Medellin

$642 39.1%

Hafnarfjordur

$2.1K 53.8% 223% $1.4K

Groceries & Markets

Medellin

$297 18.1%

Hafnarfjordur

$615 16% 107% $318

Monthly Utilities & Internet

Medellin

$211 12.9%

Hafnarfjordur

$187 4.9% 11.5% $24

Eating Out

Medellin

$170 10.4%

Hafnarfjordur

$498 12.9% 194% $329

Clothing & Footwear

Medellin

$169 10.3%

Hafnarfjordur

$253 6.6% 49.8% $84

Getting Around

Medellin

$94 5.7%

Hafnarfjordur

$127 3.3% 35.3% $33

Sport & Entertainment

Medellin

$58 3.5%

Hafnarfjordur

$99 2.6% 72.5% $42

Cost Breakdown

A central one-bedroom costs $1,208 in Medellin versus $2,496 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 in Hafnarfjordur are about 7.1 times higher. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $47 in Medellin versus $125 in Hafnarfjordur. Monthly groceries follow the same trend: $297 vs $615 – making Medellin the more affordable choice for daily food spending.

Good to know

🇨🇴 Medellin

🇮🇸 Hafnarfjordur

🕒 Local time

02:07 2:07 AM

07:07 7:07 AM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

31,525

💱 Currency

Colombian Peso COP $

Icelandic Króna ISK kr

📈 Exchange rate

10,000 COP = 3.1 USD

10,000 COP = 2.77 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

Exchange rates and currency converter

ISK, USD, EUR to COP – Colombian Peso Converter

🇺🇸 United States Dollar ($)

🇨🇴 Colombian Peso ($)

Colombian Peso exchange rates as of November 2, 2026: 1 USD = 3,229 COP (10,000 COP = 3.1 USD). 1 EUR = 3,605 COP (10,000 COP = 2.77 EUR).

Icelandic Króna exchange rates as of November 2, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.38 EUR).

USD to COP in detail →

On the map

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Highest

Between locations

Medellin Hafnarfjordur 7,690 km ≈ 10 h nonstop flight

From you

Medellin
Hafnarfjordur

Distances are measured in a straight line. Your location is detected approximately.

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 135% more than Medellin, and outside of rent the gap comes mainly from 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 $2,459 per month in Medellin and $5,780 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: a one-bedroom in the center costs $1,208 there versus $2,496 in Hafnarfjordur.

Monthly expenses with rent come to $1,639 in Medellin and $3,853 in Hafnarfjordur. That makes Medellin about 57% cheaper.

Public transport costs about 9% 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 $1,639, than in Hafnarfjordur at $3,853. In Medellin it covers expenses comfortably, while in Hafnarfjordur it requires careful planning or may not stretch far enough.

Families tend to lean toward Medellin – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

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