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: $1,681 in Medellin versus $3,069 in Keflavik.

Estimated couple costs with rent: $2,445 in Medellin versus $4,595 in Keflavik.

Monthly costs for a family of three with rent: $3,210 in Medellin versus $6,122 in Keflavik.

Living in Medellin costs roughly 45% less than in Keflavik, driven mainly by Groceries & Markets.

Both cities are pricier than the global median: Medellin 23% above, Keflavik 124% above.

Meal at Budget Restaurant

$8.02 COP 25.0K

$24.41 ISK 2,974

-67.14%

Three-Course Dinner for Two, Mid-Range

$47.87 COP 149.4K

$137 ISK 16.7K

-65.06%

Fast Food Meal (McDonalds, etc)

$9.89 COP 30.8K

$20.50 ISK 2,497

-51.76%

Cappuccino

$3.13 COP 9,767

$4.01 ISK 489

-21.95%

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

$1.91 COP 5,954

$3.22 ISK 392

-40.68%

Water (0.33 liter bottle)

$1.51 COP 4,712

$3.35 ISK 408

-54.93%

Local Beer (0.5 liter draught)

$3.12 COP 9,747

$8.49 ISK 1,035

-63.25%

Imported Beer (0.33 liter bottle)

$5.75 COP 17.9K

$8.34 ISK 1,016

-31.06%

Milk (1 liter)

$1.44 COP 4,509

$2.02 ISK 246

-28.71%

White Bread (500g)

$2.49 COP 7,759

$4.32 ISK 526

-42.36%

Rice (white) (1kg)

$1.77 COP 5,535

$2.40 ISK 292

-26.25%

Eggs

$2.96 COP 9,235

$6.45 ISK 785

-54.11%

Local Cheese (1kg)

$10.07 COP 31.4K

$19.18 ISK 2,336

-47.50%

Chicken Fillets (1kg)

$10.12 COP 31.6K

$23.88 ISK 2,909

-57.62%

Beef Round Steak (1kg)

$14.30 COP 44.6K

$42.74 ISK 5,206

-66.54%

Apples (1kg)

$4.14 COP 12.9K

$2.44 ISK 297

69.67%

Banana (1kg)

$1.61 COP 5,019

$2.41 ISK 293

-33.20%

Oranges (1kg)

$2.25 COP 7,007

$2.44 ISK 297

-7.79%

Tomato (1kg)

$2.25 COP 7,028

$4.23 ISK 515

-46.81%

Potato (1kg)

$2.04 COP 6,375

$3.18 ISK 387

-35.85%

Onion (1kg)

$1.54 COP 4,790

$1.67 ISK 203

-7.78%

Lettuce (1 head)

$1.17 COP 3,651

$3.84 ISK 468

-69.53%

Water (1.5 liter bottle)

$1.31 COP 4,077

$1.84 ISK 224

-28.80%

Cigarettes 20 Pack (Marlboro, Camel)

$3.90 COP 12.2K

$14.27 ISK 1,738

-72.67%

Wine (Bottle)

$14.01 COP 43.7K

$16.28 ISK 1,983

-13.94%

Local Beer (0.5 liter bottle)

$1.74 COP 5,439

$3.83 ISK 467

-54.57%

Imported Beer (0.33 liter bottle)

$2.87 COP 8,956

$2.83 ISK 345

1.41%

One-way Ticket (Public Transport)

$1.22 COP 3,792

$3.60 ISK 439

-66.11%

Public Transport Monthly Pass (Regular Price)

$80.5 COP 251.1K

$77.8 ISK 9,470

3.51%

Taxi Start (Normal Tariff)

$1.31 COP 4,084

$6.53 ISK 796

-79.94%

Taxi (Normal Tariff) (1km)

$2.19 COP 6,825

$2.71 ISK 330

-19.19%

Taxi 1hour Waiting (Normal Tariff)

$8.71 COP 27.2K

$75.5 ISK 9,196

-88.46%

Gasoline (1 liter)

$1.37 COP 4,260

$1.92 ISK 234

-28.65%

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

$27.8K COP 86.9M

$51.7K ISK 6.3M

-46.15%

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

$35.8K COP 111.6M

$54.7K ISK 6.7M

-34.57%

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

$177 COP 553.2K

$87.5 ISK 10.7K

102.67%

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

$13.88 COP 43.3K

$33.19 ISK 4,043

-58.18%

Internet (50+ Mbps, Unlimited Data)

$29.72 COP 92.8K

$84.8 ISK 10.3K

-64.97%

Gym Membership (Monthly)

$44.88 COP 140.1K

$79.0 ISK 9,620

-43.18%

Tennis Court (1 Hour on Weekend)

$17.12 COP 53.4K

Cinema Ticket

$6.65 COP 20.7K

$19.65 ISK 2,393

-66.16%

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

$813 COP 2.5M

$415 ISK 50.5K

96.07%

International Primary School, 1 Child (Yearly)

$9,187 COP 28.7M

$30.8K ISK 3.8M

-70.22%

Jeans (Levis 501 Or Similar)

$89.5 COP 279.3K

$158 ISK 19.3K

-43.54%

Summer Dress (H&M, Zara, etc)

$59.0 COP 184.0K

$66.0 ISK 8,042

-10.69%

Sport Shoes (Adidas, Nike)

$138 COP 431.2K

$177 ISK 21.5K

-21.73%

Men's Leather Business Shoes

$102 COP 318.7K

$191 ISK 23.2K

-46.48%

1-bedroom Apartment, City Center (Monthly)

$1,062 COP 3.3M

$1,875 ISK 228.3K

-43.35%

1-bedroom Apartment, Outside City Center (Monthly)

$663 COP 2.1M

$1,340 ISK 163.2K

-50.52%

3-bedroom Apartment, City Center (Monthly)

$1,888 COP 5.9M

$2,501 ISK 304.7K

-24.51%

3-bedroom Apartment, Outside City Center (Monthly)

$1,027 COP 3.2M

$2,096 ISK 255.3K

-50.99%

Buy Apartment in City Center (m2)

$4,183 COP 13.1M

Buy Apartment Outside City Center (m2)

$1,675 COP 5.2M

Average Monthly Net Salary (After Tax)

$678 COP 2.1M

$3,786 ISK 461.1K

-82.10%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

8.88

23.20%

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

Last update for Medellin: September 14, 2026

Last update for Keflavik: September 14, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,062 in Medellin and $1,875 in Keflavik. Housing cost is often the main lever when comparing two cities.

Keflavik pays 459% 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: $48.00 in Medellin vs $137 in Keflavik for a mid-range dinner for two. Groceries echo the gap at $305 vs $569 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 83% 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 459% 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: $1,062 in Medellin versus $1,875 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 4% less than in Keflavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Childcare runs $813 in Medellin versus $415 in Keflavik. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,681 in Medellin versus $3,069 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 work as nomad bases, but Medellin delivers better value – similar infrastructure at $1,681 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 83% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.