Cost of Living Comparison Between Medellin and Keflavik Cost of Living Comparison Between Medellin and Keflavik

Monthly Cost of Living

Monthly costs for one person with rent: $1,003 in Medellin versus $2,853 in Keflavik.

Estimated couple costs with rent: $1,573 in Medellin versus $4,401 in Keflavik.

Monthly costs for a family of three with rent: $2,143 in Medellin versus $5,949 in Keflavik.

Living in Medellin costs roughly 65% less than in Keflavik, driven mainly by Groceries & Markets.

The two cities straddle the global median: Medellin is 25% below, Keflavik is 114% above.

Meal at Budget Restaurant

$5.91 COP 18.6K

$23.97 ISK 2,962

-75.34%

Three-Course Dinner for Two, Mid-Range

$32.96 COP 103.8K

$143 ISK 17.7K

-76.95%

Fast Food Meal (McDonalds, etc)

$7.43 COP 23.4K

$20.29 ISK 2,508

-63.38%

Cappuccino

$1.65 COP 5,207

$3.95 ISK 488

-58.23%

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

$1.10 COP 3,468

$3.18 ISK 393

-65.41%

Water (0.33 liter bottle)

$0.78 COP 2,458

$2.52 ISK 312

-69.05%

Local Beer (0.5 liter draught)

$1.72 COP 5,412

$7.95 ISK 983

-78.36%

Imported Beer (0.33 liter bottle)

$3.18 COP 10.0K

$8.18 ISK 1,011

-61.12%

Milk (1 liter)

$1.10 COP 3,474

$1.87 ISK 231

-41.18%

White Bread (500g)

$1.26 COP 3,962

$4.18 ISK 517

-69.86%

Rice (white) (1kg)

$1.38 COP 4,349

$2.37 ISK 293

-41.77%

Eggs

$2.18 COP 6,858

$6.43 ISK 795

-66.10%

Local Cheese (1kg)

$4.49 COP 14.1K

$18.22 ISK 2,252

-75.36%

Chicken Fillets (1kg)

$5.79 COP 18.2K

$24.11 ISK 2,980

-75.99%

Beef Round Steak (1kg)

$8.97 COP 28.2K

$42.82 ISK 5,292

-79.05%

Apples (1kg)

$2.32 COP 7,308

$2.35 ISK 291

-1.28%

Banana (1kg)

$1.06 COP 3,352

$2.44 ISK 302

-56.56%

Oranges (1kg)

$1.52 COP 4,774

$2.36 ISK 291

-35.59%

Tomato (1kg)

$1.36 COP 4,270

$4.00 ISK 494

-66.00%

Potato (1kg)

$1.13 COP 3,552

$3.06 ISK 378

-63.07%

Onion (1kg)

$1.17 COP 3,689

$2.01 ISK 249

-41.79%

Lettuce (1 head)

$0.90 COP 2,838

$3.17 ISK 392

-71.61%

Water (1.5 liter bottle)

$0.90 COP 2,823

$1.93 ISK 239

-53.37%

Cigarettes 20 Pack (Marlboro, Camel)

$2.23 COP 7,034

$13.80 ISK 1,706

-83.84%

Wine (Bottle)

$12.12 COP 38.2K

$15.90 ISK 1,965

-23.77%

Local Beer (0.5 liter bottle)

$1.19 COP 3,743

$3.74 ISK 462

-68.18%

Imported Beer (0.33 liter bottle)

$2.48 COP 7,815

$2.82 ISK 349

-12.06%

One-way Ticket (Public Transport)

$0.85 COP 2,687

$3.67 ISK 454

-76.84%

Public Transport Monthly Pass (Regular Price)

$41.62 COP 131.0K

$74.3 ISK 9,183

-43.98%

Taxi Start (Normal Tariff)

$1.42 COP 4,459

$6.37 ISK 787

-77.71%

Taxi (Normal Tariff) (1km)

$1.95 COP 6,141

$2.26 ISK 279

-13.72%

Taxi 1hour Waiting (Normal Tariff)

$7.89 COP 24.8K

$86.4 ISK 10.7K

-90.86%

Gasoline (1 liter)

$0.99 COP 3,118

$2.43 ISK 300

-59.26%

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

$17.6K COP 55.4M

$47.5K ISK 5.9M

-62.95%

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

$26.8K COP 84.4M

$52.0K ISK 6.4M

-48.46%

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

$83.0 COP 261.4K

$86.6 ISK 10.7K

-4.09%

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

$9.70 COP 30.5K

$27.84 ISK 3,441

-65.16%

Internet (50+ Mbps, Unlimited Data)

$23.52 COP 74.1K

$86.2 ISK 10.7K

-72.72%

Gym Membership (Monthly)

$25.26 COP 79.5K

Tennis Court (1 Hour on Weekend)

$19.10 COP 60.1K

Cinema Ticket

$3.95 COP 12.4K

$17.61 ISK 2,177

-77.57%

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

$316 COP 994.2K

$318 ISK 39.3K

-0.69%

International Primary School, 1 Child (Yearly)

$5,975 COP 18.8M

$29.7K ISK 3.7M

-79.90%

Jeans (Levis 501 Or Similar)

$60.0 COP 188.9K

$141 ISK 17.4K

-57.48%

Summer Dress (H&M, Zara, etc)

$31.82 COP 100.2K

$62.8 ISK 7,766

-49.36%

Sport Shoes (Adidas, Nike)

$102 COP 320.1K

$180 ISK 22.3K

-43.54%

Men's Leather Business Shoes

$107 COP 338.3K

$188 ISK 23.2K

-42.77%

1-bedroom Apartment, City Center (Monthly)

$475 COP 1.5M

$1,829 ISK 226.0K

-74.03%

1-bedroom Apartment, Outside City Center (Monthly)

$374 COP 1.2M

$1,350 ISK 166.8K

-72.29%

3-bedroom Apartment, City Center (Monthly)

$849 COP 2.7M

$2,442 ISK 301.8K

-65.22%

3-bedroom Apartment, Outside City Center (Monthly)

$719 COP 2.3M

$2,007 ISK 248.1K

-64.15%

Buy Apartment in City Center (m2)

$3,265 COP 10.3M

Buy Apartment Outside City Center (m2)

$1,441 COP 4.5M

Average Monthly Net Salary (After Tax)

$624 COP 2.0M

$3,712 ISK 458.9K

-83.18%

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 Keflavik: July 26, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $475 in Medellin and $1,829 in Keflavik. Housing cost is often the main lever when comparing two cities.

Keflavik pays 495% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $33.00 in Medellin vs $143 in Keflavik for a mid-range dinner for two. Groceries echo the gap at $193 vs $560 per month, with Medellin cheaper across the board.

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 Keflavik: Cost of Living - Frequently Asked Questions

Medellin wins on cost – living expenses run 185% lower than in Keflavik. Housing and daily spending are where you'll feel the difference most, making Medellin the obvious pick if budget is a priority.

On paper, salaries run 495% lower in Keflavik. That's worth factoring in alongside costs, though remote workers earning in a stronger currency may not notice the difference at all.

Rent for a central apartment: $475 in Medellin versus $1,829 in Keflavik. Housing is usually the single largest factor when comparing overall living costs between the two.

A monthly transit pass in Medellin runs roughly 79% less than in Keflavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Childcare runs $316 in Medellin versus $318 in Keflavik. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,003 in Medellin versus $2,853 in Keflavik, a $1,500 budget is realistic in Medellin but tight or insufficient in Keflavik. The gap between the two cities makes Medellin the clear choice for anyone on this budget.

Both work as nomad bases, but Medellin delivers better value – similar infrastructure at $1,003 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Medellin hard to pass up.

Safety-wise, Medellin and Keflavik are on par. Petty crime is typical for cities this size, and most residents feel comfortable going about their daily routines in either place.

Expats usually find Medellin gentler on the wallet – expenses run 185% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.