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

Monthly Cost of Living

A single person spends $1,003 per month in Medellin vs $3,743 in Hafnarfjordur, rent included.

A couple spends around $1,573 per month in Medellin vs $5,243 in Hafnarfjordur, rent included.

A family of three spends $2,143 per month in Medellin vs $6,742 in Hafnarfjordur, rent included.

Medellin is about 73% cheaper than Hafnarfjordur, driven mainly by Groceries & Markets.

Medellin sits 25% below the global median, while Hafnarfjordur is 181% above – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$5.91 COP 18.6K

$26.51 ISK 3,277

-77.71%

Three-Course Dinner for Two, Mid-Range

$32.96 COP 103.9K

$145 ISK 18.0K

-77.34%

Fast Food Meal (McDonalds, etc)

$7.43 COP 23.4K

$16.15 ISK 1,997

-53.99%

Cappuccino

$1.65 COP 5,211

$5.95 ISK 735

-72.27%

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

$1.10 COP 3,471

$3.26 ISK 403

-66.26%

Water (0.33 liter bottle)

$0.78 COP 2,460

$2.61 ISK 323

-70.11%

Local Beer (0.5 liter draught)

$1.72 COP 5,416

$12.64 ISK 1,562

-86.39%

Imported Beer (0.33 liter bottle)

$3.18 COP 10.0K

$11.36 ISK 1,404

-72.01%

Milk (1 liter)

$1.10 COP 3,477

$1.69 ISK 209

-34.91%

White Bread (500g)

$1.26 COP 3,965

$4.31 ISK 532

-70.77%

Rice (white) (1kg)

$1.38 COP 4,353

$3.56 ISK 440

-61.24%

Eggs

$2.18 COP 6,864

$6.21 ISK 767

-64.90%

Local Cheese (1kg)

$4.49 COP 14.2K

$18.06 ISK 2,232

-75.14%

Chicken Fillets (1kg)

$5.79 COP 18.3K

$23.82 ISK 2,944

-75.69%

Beef Round Steak (1kg)

$8.97 COP 28.3K

$43.07 ISK 5,324

-79.17%

Apples (1kg)

$2.32 COP 7,314

$3.35 ISK 414

-30.75%

Banana (1kg)

$1.06 COP 3,355

$2.34 ISK 289

-54.70%

Oranges (1kg)

$1.52 COP 4,778

$3.14 ISK 388

-51.59%

Tomato (1kg)

$1.36 COP 4,273

$5.03 ISK 622

-72.96%

Potato (1kg)

$1.13 COP 3,555

$3.67 ISK 453

-69.21%

Onion (1kg)

$1.17 COP 3,692

$2.40 ISK 296

-51.25%

Lettuce (1 head)

$0.90 COP 2,840

$3.07 ISK 380

-70.68%

Water (1.5 liter bottle)

$0.90 COP 2,826

$1.92 ISK 237

-53.13%

Cigarettes 20 Pack (Marlboro, Camel)

$2.23 COP 7,039

$13.77 ISK 1,703

-83.81%

Wine (Bottle)

$12.12 COP 38.2K

$23.38 ISK 2,890

-48.16%

Local Beer (0.5 liter bottle)

$1.19 COP 3,746

$3.64 ISK 450

-67.31%

Imported Beer (0.33 liter bottle)

$2.48 COP 7,822

$3.21 ISK 397

-22.74%

One-way Ticket (Public Transport)

$0.85 COP 2,690

$5.19 ISK 642

-83.62%

Public Transport Monthly Pass (Regular Price)

$41.62 COP 131.1K

$83.2 ISK 10.3K

-49.98%

Taxi Start (Normal Tariff)

$1.42 COP 4,462

$6.47 ISK 800

-78.05%

Taxi (Normal Tariff) (1km)

$1.95 COP 6,146

$2.52 ISK 312

-22.62%

Taxi 1hour Waiting (Normal Tariff)

$7.89 COP 24.8K

$85.7 ISK 10.6K

-90.80%

Gasoline (1 liter)

$0.99 COP 3,121

$2.45 ISK 303

-59.59%

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

$17.6K COP 55.5M

$46.5K ISK 5.7M

-62.13%

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

$26.8K COP 84.4M

$52.0K ISK 6.4M

-48.50%

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

$83.0 COP 261.6K

$69.5 ISK 8,589

19.46%

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

$9.70 COP 30.6K

$27.05 ISK 3,344

-64.14%

Internet (50+ Mbps, Unlimited Data)

$23.52 COP 74.1K

$86.3 ISK 10.7K

-72.73%

Gym Membership (Monthly)

$25.26 COP 79.6K

$64.1 ISK 7,917

-60.56%

Tennis Court (1 Hour on Weekend)

$19.10 COP 60.2K

Cinema Ticket

$3.95 COP 12.4K

$16.45 ISK 2,033

-75.99%

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

$316 COP 995.1K

$321 ISK 39.7K

-1.77%

International Primary School, 1 Child (Yearly)

$5,975 COP 18.8M

$30.1K ISK 3.7M

-80.14%

Jeans (Levis 501 Or Similar)

$60.0 COP 189.1K

$118 ISK 14.6K

-49.34%

Summer Dress (H&M, Zara, etc)

$31.82 COP 100.3K

$60.9 ISK 7,527

-47.75%

Sport Shoes (Adidas, Nike)

$102 COP 320.4K

$121 ISK 15.0K

-16.08%

Men's Leather Business Shoes

$107 COP 338.6K

$271 ISK 33.4K

-60.29%

1-bedroom Apartment, City Center (Monthly)

$475 COP 1.5M

$2,379 ISK 294.1K

-80.04%

1-bedroom Apartment, Outside City Center (Monthly)

$374 COP 1.2M

$2,013 ISK 248.8K

-81.42%

3-bedroom Apartment, City Center (Monthly)

$849 COP 2.7M

$3,196 ISK 395.0K

-73.43%

3-bedroom Apartment, Outside City Center (Monthly)

$719 COP 2.3M

$2,588 ISK 319.9K

-72.20%

Buy Apartment in City Center (m2)

$3,265 COP 10.3M

$6,883 ISK 850.7K

-52.56%

Buy Apartment Outside City Center (m2)

$1,441 COP 4.5M

$6,652 ISK 822.2K

-78.34%

Average Monthly Net Salary (After Tax)

$624 COP 2.0M

$4,538 ISK 560.9K

-86.24%

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: July 27, 2026

Last update for Hafnarfjordur: July 27, 2026

Cost Breakdown

A central one-bedroom costs $475 in Medellin versus $2,379 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 627% 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: $193 vs $593 – 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 273% 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 $1,504 per month in Medellin and $5,615 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 $1,003 in Medellin and $3,743 in Hafnarfjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Public transport costs about 100% 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 $1,003, than in Hafnarfjordur at $3,743. 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 $1,003 versus $3,743 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.