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

Monthly Cost of Living

A single person spends $1,034 per month in Medellin vs $3,667 in Hafnarfjordur, rent included.

A couple spends around $1,577 per month in Medellin vs $5,242 in Hafnarfjordur, rent included.

A family of three spends $2,120 per month in Medellin vs $6,816 in Hafnarfjordur, rent included.

Medellin is about 72% cheaper than Hafnarfjordur, driven mainly by Groceries & Markets.

Medellin sits 23% below the global median, while Hafnarfjordur is 174% above – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$5.92 COP 21.4K

$26.49 ISK 3,243

-77.65%

Three-Course Dinner for Two, Mid-Range

$32.75 COP 118.2K

$145 ISK 17.7K

-77.37%

Fast Food Meal (McDonalds, etc)

$7.20 COP 26.0K

$15.93 ISK 1,950

-54.80%

Cappuccino

$1.70 COP 6,140

$6.21 ISK 760

-72.62%

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

$1.10 COP 3,966

$3.37 ISK 413

-67.36%

Water (0.33 liter bottle)

$0.72 COP 2,605

$2.63 ISK 322

-72.62%

Local Beer (0.5 liter draught)

$1.67 COP 6,022

$12.82 ISK 1,569

-86.97%

Imported Beer (0.33 liter bottle)

$3.10 COP 11.2K

$11.07 ISK 1,356

-72.00%

Milk (1 liter)

$1.06 COP 3,809

$1.61 ISK 198

-34.16%

White Bread (500g)

$1.25 COP 4,497

$4.26 ISK 521

-70.66%

Rice (white) (1kg)

$1.39 COP 5,022

$3.70 ISK 453

-62.43%

Eggs

$2.26 COP 8,168

$6.29 ISK 770

-64.07%

Local Cheese (1kg)

$4.33 COP 15.6K

$18.50 ISK 2,265

-76.59%

Chicken Fillets (1kg)

$5.84 COP 21.1K

$24.21 ISK 2,965

-75.88%

Beef Round Steak (1kg)

$8.83 COP 31.9K

$42.07 ISK 5,151

-79.01%

Apples (1kg)

$2.24 COP 8,099

$3.24 ISK 396

-30.86%

Banana (1kg)

$1.08 COP 3,882

$2.40 ISK 294

-55.00%

Oranges (1kg)

$1.53 COP 5,522

$3.00 ISK 367

-49.00%

Tomato (1kg)

$1.37 COP 4,950

$4.93 ISK 603

-72.21%

Potato (1kg)

$1.13 COP 4,078

$3.51 ISK 430

-67.81%

Onion (1kg)

$1.12 COP 4,036

$2.32 ISK 285

-51.72%

Lettuce (1 head)

$0.85 COP 3,057

$3.16 ISK 386

-73.10%

Water (1.5 liter bottle)

$0.91 COP 3,281

$1.93 ISK 237

-52.85%

Cigarettes 20 Pack (Marlboro, Camel)

$2.33 COP 8,414

$13.78 ISK 1,687

-83.09%

Wine (Bottle)

$11.13 COP 40.2K

$22.71 ISK 2,781

-50.99%

Local Beer (0.5 liter bottle)

$1.19 COP 4,309

$3.71 ISK 454

-67.92%

Imported Beer (0.33 liter bottle)

$2.37 COP 8,553

$3.32 ISK 406

-28.61%

One-way Ticket (Public Transport)

$0.79 COP 2,838

$5.00 ISK 612

-84.20%

Public Transport Monthly Pass (Regular Price)

$41.13 COP 148.5K

$83.2 ISK 10.2K

-50.54%

Taxi Start (Normal Tariff)

$1.44 COP 5,184

$6.31 ISK 772

-77.18%

Taxi (Normal Tariff) (1km)

$1.91 COP 6,901

$2.61 ISK 319

-26.82%

Taxi 1hour Waiting (Normal Tariff)

$8.02 COP 28.9K

$87.5 ISK 10.7K

-90.84%

Gasoline (1 liter)

$0.94 COP 3,385

$2.51 ISK 308

-62.55%

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

$17.9K COP 64.7M

$47.6K ISK 5.8M

-62.34%

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

$26.8K COP 96.7M

$52.6K ISK 6.4M

-49.03%

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

$84.0 COP 303.1K

$69.6 ISK 8,521

20.65%

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

$9.60 COP 34.7K

$27.48 ISK 3,365

-65.07%

Internet (50+ Mbps, Unlimited Data)

$24.16 COP 87.2K

$84.3 ISK 10.3K

-71.35%

Gym Membership (Monthly)

$25.88 COP 93.4K

$63.1 ISK 7,729

-59.00%

Tennis Court (1 Hour on Weekend)

$19.04 COP 68.7K

Cinema Ticket

$3.92 COP 14.1K

$16.36 ISK 2,003

-76.04%

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

$306 COP 1.1M

$318 ISK 38.9K

-3.67%

International Primary School, 1 Child (Yearly)

$5,919 COP 21.4M

$30.3K ISK 3.7M

-80.48%

Jeans (Levis 501 Or Similar)

$57.9 COP 209.1K

$120 ISK 14.7K

-51.62%

Summer Dress (H&M, Zara, etc)

$31.82 COP 114.9K

$60.6 ISK 7,421

-47.50%

Sport Shoes (Adidas, Nike)

$99.9 COP 360.6K

$121 ISK 14.8K

-17.18%

Men's Leather Business Shoes

$107 COP 386.8K

$263 ISK 32.3K

-59.33%

1-bedroom Apartment, City Center (Monthly)

$487 COP 1.8M

$2,442 ISK 299.1K

-80.07%

1-bedroom Apartment, Outside City Center (Monthly)

$368 COP 1.3M

$2,047 ISK 250.7K

-82.02%

3-bedroom Apartment, City Center (Monthly)

$826 COP 3.0M

$3,209 ISK 393.0K

-74.27%

3-bedroom Apartment, Outside City Center (Monthly)

$716 COP 2.6M

$2,523 ISK 308.9K

-71.62%

Buy Apartment in City Center (m2)

$2,925 COP 10.6M

$6,916 ISK 846.8K

-57.70%

Buy Apartment Outside City Center (m2)

$1,407 COP 5.1M

$7,027 ISK 860.4K

-79.98%

Average Monthly Net Salary (After Tax)

$546 COP 2.0M

$4,789 ISK 586.4K

-88.61%

20-Year Fixed Mortgage Interest Rate (Annual %)

13.43

9.63

39.46%

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

Last update for Medellin: April 27, 2026

Last update for Hafnarfjordur: April 26, 2026

Cost Breakdown

A central one-bedroom costs $487 in Medellin versus $2,442 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 778% 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 $33.00 in Medellin versus $145 in Hafnarfjordur. Monthly groceries follow the same trend: $190 vs $590 – 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 255% more than Medellin, with the gap driven mainly by Groceries & Markets. That's enough to noticeably affect everyday spending and lifestyle for anyone choosing between the two.

For a comfortable life, plan on about $1,550 per month in Medellin and $5,501 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 $1,034 in Medellin and $3,667 in Hafnarfjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Public transport costs about 102% less in Medellin. For daily commuters, that gap adds up to noticeable savings over a year.

A $1,500 monthly budget goes further in Medellin, where all-in costs run around $1,034, than in Hafnarfjordur at $3,667. 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 $1,034 versus $3,667 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.