Last update: Oct 2026

Cost of Living Comparison Between Medellin and Keflavik

For one person, living is cheaper in Medellin: $1,639 a month against $3,018 in Keflavik, rent and utilities included – about $16,500 less a year. Rent and utilities account for about half of the difference.

79

Cost of Living Index in Medellin
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Medellin Living Index
145

Cost of Living Index in Keflavik
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Keflavik Living Index

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Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Keflavik

🇮🇸 Iceland

$3,018

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Keflavik

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 Keflavik actually costs, broken down by who's living it.

Monthly costs for one person with rent: $1,639 in Medellin versus $3,018 in Keflavik.

Medellin $1,639
Keflavik $3,018

Estimated couple costs with rent: $2,413 in Medellin versus $4,529 in Keflavik.

Medellin $2,413
Keflavik $4,529

Monthly costs for a family of three with rent: $3,186 in Medellin versus $6,041 in Keflavik.

Medellin $3,186
Keflavik $6,041

Living in Medellin costs roughly 46% less than in Keflavik, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Medellin 20% above, Keflavik 122% above.

Meal at Budget Restaurant

$8.09 COP 26.1K

$24.11 ISK 2,927

-66.45%

Three-Course Dinner for Two, Mid-Range

$47.05 COP 151.9K

$121 ISK 14.7K

-61.17%

Fast Food Meal (McDonalds, etc)

$9.50 COP 30.7K

$20.25 ISK 2,458

-53.09%

Cappuccino

$3.01 COP 9,735

$4.22 ISK 513

-28.67%

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

$1.80 COP 5,809

$3.36 ISK 408

-46.43%

Water (0.33 liter bottle)

$1.41 COP 4,561

$3.03 ISK 368

-53.47%

Local Beer (0.5 liter draught)

$3.18 COP 10.3K

$8.25 ISK 1,001

-61.45%

Imported Beer (0.33 liter bottle)

$5.75 COP 18.6K

$8.15 ISK 990

-29.45%

Milk (1 liter)

$1.51 COP 4,876

$2.11 ISK 256

-28.44%

White Bread (500g)

$2.38 COP 7,678

$4.21 ISK 512

-43.47%

Rice (white) (1kg)

$1.77 COP 5,720

$2.50 ISK 303

-29.20%

Eggs

$2.89 COP 9,333

$6.55 ISK 796

-55.88%

Local Cheese (1kg)

$10.19 COP 32.9K

$19.70 ISK 2,391

-48.27%

Chicken Fillets (1kg)

$9.87 COP 31.9K

$23.90 ISK 2,902

-58.70%

Beef Round Steak (1kg)

$13.99 COP 45.2K

$41.71 ISK 5,063

-66.46%

Apples (1kg)

$3.97 COP 12.8K

$2.44 ISK 296

62.70%

Banana (1kg)

$1.55 COP 5,012

$2.41 ISK 292

-35.68%

Oranges (1kg)

$2.18 COP 7,048

$2.50 ISK 303

-12.80%

Tomato (1kg)

$2.18 COP 7,051

$4.16 ISK 504

-47.60%

Potato (1kg)

$1.96 COP 6,337

$3.12 ISK 378

-37.18%

Onion (1kg)

$1.59 COP 5,132

$1.64 ISK 199

-3.05%

Lettuce (1 head)

$1.15 COP 3,699

$3.62 ISK 440

-68.23%

Water (1.5 liter bottle)

$1.24 COP 4,014

$1.81 ISK 219

-31.49%

Cigarettes 20 Pack (Marlboro, Camel)

$3.96 COP 12.8K

$13.85 ISK 1,681

-71.41%

Wine (Bottle)

$13.68 COP 44.2K

$16.32 ISK 1,981

-16.18%

Local Beer (0.5 liter bottle)

$1.66 COP 5,359

$3.73 ISK 453

-55.50%

Imported Beer (0.33 liter bottle)

$2.26 COP 7,291

$2.81 ISK 341

-19.57%

One-way Ticket (Public Transport)

$1.17 COP 3,771

$3.68 ISK 447

-68.21%

Public Transport Monthly Pass (Regular Price)

$77.4 COP 249.8K

$77.2 ISK 9,366

0.29%

Taxi Start (Normal Tariff)

$1.27 COP 4,094

$6.35 ISK 771

-80.00%

Taxi (Normal Tariff) (1km)

$2.05 COP 6,612

$2.59 ISK 314

-20.85%

Taxi 1hour Waiting (Normal Tariff)

$8.55 COP 27.6K

$80.2 ISK 9,738

-89.34%

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

$68.2K ISK 8.3M

-50.03%

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

$34.7K COP 111.9M

$55.2K ISK 6.7M

-37.20%

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

$170 COP 547.8K

$95.8 ISK 11.6K

77.16%

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

$13.55 COP 43.8K

$32.13 ISK 3,900

-57.83%

Internet (50+ Mbps, Unlimited Data)

$28.07 COP 90.6K

$84.5 ISK 10.3K

-66.79%

Gym Membership (Monthly)

$43.70 COP 141.1K

$76.7 ISK 9,316

-43.05%

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.5K

Cinema Ticket

$6.91 COP 22.3K

$19.58 ISK 2,377

-64.71%

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

$797 COP 2.6M

$406 ISK 49.3K

96.31%

International Primary School, 1 Child (Yearly)

$9,112 COP 29.4M

$26.4K ISK 3.2M

-65.50%

Jeans (Levis 501 Or Similar)

$84.7 COP 273.5K

$148 ISK 18.0K

-42.83%

Summer Dress (H&M, Zara, etc)

$58.0 COP 187.2K

$66.8 ISK 8,104

-13.18%

Sport Shoes (Adidas, Nike)

$135 COP 435.8K

$184 ISK 22.4K

-26.84%

Men's Leather Business Shoes

$97.9 COP 316.0K

$190 ISK 23.1K

-48.45%

1-bedroom Apartment, City Center (Monthly)

$1,208 COP 3.9M

$1,862 ISK 226.0K

-35.13%

1-bedroom Apartment, Outside City Center (Monthly)

$642 COP 2.1M

$1,359 ISK 165.0K

-52.80%

3-bedroom Apartment, City Center (Monthly)

$2,028 COP 6.5M

$2,527 ISK 306.7K

-19.75%

3-bedroom Apartment, Outside City Center (Monthly)

$1,012 COP 3.3M

$2,040 ISK 247.7K

-50.41%

Buy Apartment in City Center (m2)

$4,170 COP 13.5M

Buy Apartment Outside City Center (m2)

$1,910 COP 6.2M

Average Monthly Net Salary (After Tax)

$657 COP 2.1M

$3,819 ISK 463.6K

-82.79%

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 Keflavik: October 26, 2026

Monthly budget structure

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

Accommodation & Living

Medellin

$642 39.1%

Keflavik

$1.4K 45% 112% $718

Groceries & Markets

Medellin

$297 18.1%

Keflavik

$566 18.8% 90.7% $269

Monthly Utilities & Internet

Medellin

$211 12.9%

Keflavik

$212 7% 0.5% $1.1

Eating Out

Medellin

$170 10.4%

Keflavik

$387 12.8% 128% $218

Clothing & Footwear

Medellin

$169 10.3%

Keflavik

$265 8.8% 56.9% $96

Getting Around

Medellin

$94 5.7%

Keflavik

$111 3.7% 18.8% $18

Sport & Entertainment

Medellin

$58 3.5%

Keflavik

$116 3.8% 102% $58

Cost Breakdown

A one-bedroom apartment in the center runs $1,208 in Medellin and $1,862 in Keflavik. Housing cost is often the main lever when comparing two cities.

Keflavik pays about 5.8 times more on average. How far that income stretches comes down to housing choices and lifestyle.

Dining out: $47 in Medellin vs $121 in Keflavik for a mid-range dinner for two. Groceries echo the gap at $297 vs $566 per month, with Medellin cheaper across the board.

Good to know

🇨🇴 Medellin

🇮🇸 Keflavik

🕒 Local time

01:10 1:10 AM

06:10 6:10 AM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

15,000

💱 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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Between locations

Medellin Keflavik 7,660 km ≈ 10 h nonstop flight

From you

Medellin
Keflavik

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 Keflavik: Cost of Living - Frequently Asked Questions

Medellin wins on cost – living expenses run 46% 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 83% lower in Medellin. 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: $1,208 in Medellin versus $1,862 in Keflavik. Housing is usually the single largest factor when comparing overall living costs between the two.

Supermarket bills run roughly 91% higher in Keflavik. For households that cook at home regularly, that difference adds up over a month.

All in, you’ll spend $1,639 per month in Medellin versus $3,018 in Keflavik – Medellin is about 46% cheaper, which adds up to real savings over time.

At $1,639 in Medellin versus $3,018 in Keflavik, a $2,500 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 cities offer a good standard of living with different trade-offs. Neither is objectively better – the right pick depends on what matters most: affordability, career, cultural scene, or climate.

It comes down to priorities – Medellin wins on affordability, Keflavik on earning potential. Factor in climate, language, visa rules, and proximity to places that matter to you before deciding.