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

Monthly Cost of Living

A single person spends $1,017 per month in Medellin vs $3,661 in Hafnarfjordur, rent included.

A couple spends around $1,602 per month in Medellin vs $5,235 in Hafnarfjordur, rent included.

A family of three spends $2,188 per month in Medellin vs $6,808 in Hafnarfjordur, rent included.

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

Medellin sits 24% below the global median, while Hafnarfjordur is 172% above – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$5.95 COP 20.8K

$27.17 ISK 3,383

-78.10%

Three-Course Dinner for Two, Mid-Range

$33.33 COP 116.3K

$145 ISK 18.0K

-76.99%

Fast Food Meal (McDonalds, etc)

$7.23 COP 25.2K

$16.06 ISK 2,000

-54.98%

Cappuccino

$1.63 COP 5,687

$6.26 ISK 779

-73.96%

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

$1.09 COP 3,821

$3.33 ISK 414

-67.27%

Water (0.33 liter bottle)

$0.73 COP 2,548

$2.50 ISK 312

-70.80%

Local Beer (0.5 liter draught)

$1.74 COP 6,065

$12.85 ISK 1,599

-86.46%

Imported Beer (0.33 liter bottle)

$3.23 COP 11.3K

$11.35 ISK 1,413

-71.54%

Milk (1 liter)

$1.05 COP 3,662

$1.68 ISK 209

-37.50%

White Bread (500g)

$1.29 COP 4,515

$4.25 ISK 529

-69.65%

Rice (white) (1kg)

$1.32 COP 4,617

$3.56 ISK 443

-62.92%

Eggs

$2.27 COP 7,927

$6.51 ISK 810

-65.13%

Local Cheese (1kg)

$4.35 COP 15.2K

$18.32 ISK 2,281

-76.26%

Chicken Fillets (1kg)

$5.88 COP 20.5K

$24.43 ISK 3,042

-75.93%

Beef Round Steak (1kg)

$8.61 COP 30.0K

$41.97 ISK 5,225

-79.49%

Apples (1kg)

$2.25 COP 7,844

$3.35 ISK 417

-32.84%

Banana (1kg)

$1.07 COP 3,733

$2.46 ISK 306

-56.50%

Oranges (1kg)

$1.52 COP 5,322

$3.02 ISK 376

-49.67%

Tomato (1kg)

$1.42 COP 4,964

$5.05 ISK 629

-71.88%

Potato (1kg)

$1.17 COP 4,084

$3.57 ISK 444

-67.23%

Onion (1kg)

$1.17 COP 4,077

$2.45 ISK 305

-52.24%

Lettuce (1 head)

$0.89 COP 3,096

$3.19 ISK 397

-72.10%

Water (1.5 liter bottle)

$0.90 COP 3,146

$2.01 ISK 250

-55.22%

Cigarettes 20 Pack (Marlboro, Camel)

$2.25 COP 7,837

$13.54 ISK 1,686

-83.38%

Wine (Bottle)

$11.04 COP 38.5K

$23.20 ISK 2,888

-52.41%

Local Beer (0.5 liter bottle)

$1.14 COP 3,977

$3.70 ISK 460

-69.19%

Imported Beer (0.33 liter bottle)

$2.38 COP 8,301

$3.25 ISK 405

-26.77%

One-way Ticket (Public Transport)

$0.84 COP 2,916

$5.09 ISK 634

-83.50%

Public Transport Monthly Pass (Regular Price)

$41.95 COP 146.4K

$84.4 ISK 10.5K

-50.31%

Taxi Start (Normal Tariff)

$1.41 COP 4,912

$6.25 ISK 778

-77.44%

Taxi (Normal Tariff) (1km)

$1.90 COP 6,634

$2.63 ISK 328

-27.76%

Taxi 1hour Waiting (Normal Tariff)

$7.75 COP 27.0K

$85.6 ISK 10.7K

-90.94%

Gasoline (1 liter)

$1.01 COP 3,509

$2.49 ISK 311

-59.44%

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

$17.6K COP 61.4M

$48.1K ISK 6.0M

-63.43%

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

$26.5K COP 92.5M

$52.4K ISK 6.5M

-49.48%

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

$83.7 COP 292.1K

$68.0 ISK 8,465

23.08%

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

$9.45 COP 33.0K

$27.22 ISK 3,389

-65.28%

Internet (50+ Mbps, Unlimited Data)

$24.11 COP 84.1K

$86.1 ISK 10.7K

-72.00%

Gym Membership (Monthly)

$25.31 COP 88.3K

$64.7 ISK 8,053

-60.87%

Tennis Court (1 Hour on Weekend)

$19.14 COP 66.8K

Cinema Ticket

$4.10 COP 14.3K

$16.66 ISK 2,074

-75.39%

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

$312 COP 1.1M

$325 ISK 40.5K

-4.15%

International Primary School, 1 Child (Yearly)

$5,993 COP 20.9M

$30.6K ISK 3.8M

-80.40%

Jeans (Levis 501 Or Similar)

$58.0 COP 202.6K

$119 ISK 14.8K

-51.23%

Summer Dress (H&M, Zara, etc)

$32.56 COP 113.6K

$62.5 ISK 7,778

-47.88%

Sport Shoes (Adidas, Nike)

$99.6 COP 347.7K

$119 ISK 14.8K

-16.33%

Men's Leather Business Shoes

$109 COP 378.8K

$266 ISK 33.1K

-59.21%

1-bedroom Apartment, City Center (Monthly)

$482 COP 1.7M

$2,423 ISK 301.6K

-80.09%

1-bedroom Apartment, Outside City Center (Monthly)

$379 COP 1.3M

$2,037 ISK 253.6K

-81.37%

3-bedroom Apartment, City Center (Monthly)

$837 COP 2.9M

$3,250 ISK 404.7K

-74.23%

3-bedroom Apartment, Outside City Center (Monthly)

$723 COP 2.5M

$2,547 ISK 317.0K

-71.60%

Buy Apartment in City Center (m2)

$2,840 COP 9.9M

$6,850 ISK 852.8K

-58.54%

Buy Apartment Outside City Center (m2)

$1,223 COP 4.3M

$6,826 ISK 849.8K

-82.08%

Average Monthly Net Salary (After Tax)

$541 COP 1.9M

$4,665 ISK 580.8K

-88.41%

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: June 8, 2026

Last update for Hafnarfjordur: June 7, 2026

Cost Breakdown

A central one-bedroom costs $482 in Medellin versus $2,423 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 762% 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 $595 – 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 260% 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 $1,525 per month in Medellin and $5,492 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 $1,017 in Medellin and $3,661 in Hafnarfjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Public transport costs about 101% 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 $1,017, than in Hafnarfjordur at $3,661. 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 $1,017 versus $3,661 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.