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: $1,017 in Medellin versus $2,826 in Keflavik.

Estimated couple costs with rent: $1,602 in Medellin versus $4,368 in Keflavik.

Monthly costs for a family of three with rent: $2,188 in Medellin versus $5,910 in Keflavik.

Living in Medellin costs roughly 64% less than in Keflavik, driven mainly by Groceries & Markets.

The two cities straddle the global median: Medellin is 24% below, Keflavik is 110% above.

Meal at Budget Restaurant

$5.95 COP 20.8K

$24.41 ISK 3,039

-75.62%

Three-Course Dinner for Two, Mid-Range

$33.33 COP 116.3K

$147 ISK 18.2K

-77.26%

Fast Food Meal (McDonalds, etc)

$7.23 COP 25.2K

$20.33 ISK 2,531

-64.44%

Cappuccino

$1.63 COP 5,687

$3.94 ISK 491

-58.63%

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

$1.09 COP 3,821

$3.13 ISK 390

-65.18%

Water (0.33 liter bottle)

$0.73 COP 2,548

$2.53 ISK 314

-71.15%

Local Beer (0.5 liter draught)

$1.74 COP 6,065

$8.12 ISK 1,011

-78.57%

Imported Beer (0.33 liter bottle)

$3.23 COP 11.3K

$8.23 ISK 1,024

-60.75%

Milk (1 liter)

$1.05 COP 3,662

$1.93 ISK 241

-45.60%

White Bread (500g)

$1.29 COP 4,515

$4.15 ISK 517

-68.92%

Rice (white) (1kg)

$1.32 COP 4,617

$2.35 ISK 293

-43.83%

Eggs

$2.27 COP 7,927

$6.18 ISK 769

-63.27%

Local Cheese (1kg)

$4.35 COP 15.2K

$18.22 ISK 2,268

-76.13%

Chicken Fillets (1kg)

$5.88 COP 20.5K

$23.63 ISK 2,942

-75.12%

Beef Round Steak (1kg)

$8.61 COP 30.0K

$43.19 ISK 5,377

-80.06%

Apples (1kg)

$2.25 COP 7,844

$2.36 ISK 293

-4.66%

Banana (1kg)

$1.07 COP 3,733

$2.43 ISK 303

-55.97%

Oranges (1kg)

$1.52 COP 5,322

$2.39 ISK 298

-36.40%

Tomato (1kg)

$1.42 COP 4,964

$4.04 ISK 503

-64.85%

Potato (1kg)

$1.17 COP 4,084

$3.04 ISK 378

-61.51%

Onion (1kg)

$1.17 COP 4,077

$2.04 ISK 254

-42.65%

Lettuce (1 head)

$0.89 COP 3,096

$3.14 ISK 391

-71.66%

Water (1.5 liter bottle)

$0.90 COP 3,146

$1.95 ISK 243

-53.85%

Cigarettes 20 Pack (Marlboro, Camel)

$2.25 COP 7,837

$13.53 ISK 1,685

-83.37%

Wine (Bottle)

$11.04 COP 38.5K

$15.82 ISK 1,970

-30.21%

Local Beer (0.5 liter bottle)

$1.14 COP 3,977

$3.75 ISK 466

-69.60%

Imported Beer (0.33 liter bottle)

$2.38 COP 8,301

$2.74 ISK 341

-13.14%

One-way Ticket (Public Transport)

$0.84 COP 2,916

$3.57 ISK 444

-76.47%

Public Transport Monthly Pass (Regular Price)

$41.95 COP 146.4K

$75.1 ISK 9,355

-44.17%

Taxi Start (Normal Tariff)

$1.41 COP 4,912

$6.45 ISK 804

-78.14%

Taxi (Normal Tariff) (1km)

$1.90 COP 6,634

$2.30 ISK 286

-17.39%

Taxi 1hour Waiting (Normal Tariff)

$7.75 COP 27.0K

$85.4 ISK 10.6K

-90.93%

Gasoline (1 liter)

$1.01 COP 3,509

$2.47 ISK 308

-59.11%

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

$17.6K COP 61.4M

$47.1K ISK 5.9M

-62.71%

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

$26.5K COP 92.5M

$52.8K ISK 6.6M

-49.78%

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

$83.7 COP 292.1K

$86.3 ISK 10.7K

-3.05%

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

$9.45 COP 33.0K

$27.46 ISK 3,418

-65.59%

Internet (50+ Mbps, Unlimited Data)

$24.11 COP 84.1K

$85.8 ISK 10.7K

-71.90%

Gym Membership (Monthly)

$25.31 COP 88.3K

Tennis Court (1 Hour on Weekend)

$19.14 COP 66.8K

Cinema Ticket

$4.10 COP 14.3K

$17.45 ISK 2,173

-76.50%

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

$312 COP 1.1M

$318 ISK 39.5K

-1.75%

International Primary School, 1 Child (Yearly)

$5,993 COP 20.9M

$30.2K ISK 3.8M

-80.14%

Jeans (Levis 501 Or Similar)

$58.0 COP 202.6K

$140 ISK 17.4K

-58.42%

Summer Dress (H&M, Zara, etc)

$32.56 COP 113.6K

$62.6 ISK 7,790

-47.96%

Sport Shoes (Adidas, Nike)

$99.6 COP 347.7K

$185 ISK 23.1K

-46.25%

Men's Leather Business Shoes

$109 COP 378.8K

$184 ISK 22.9K

-40.99%

1-bedroom Apartment, City Center (Monthly)

$482 COP 1.7M

$1,877 ISK 233.6K

-74.30%

1-bedroom Apartment, Outside City Center (Monthly)

$379 COP 1.3M

$1,344 ISK 167.3K

-71.76%

3-bedroom Apartment, City Center (Monthly)

$837 COP 2.9M

$2,475 ISK 308.2K

-66.17%

3-bedroom Apartment, Outside City Center (Monthly)

$723 COP 2.5M

$2,042 ISK 254.2K

-64.59%

Buy Apartment in City Center (m2)

$2,840 COP 9.9M

Buy Apartment Outside City Center (m2)

$1,223 COP 4.3M

Average Monthly Net Salary (After Tax)

$541 COP 1.9M

$3,650 ISK 454.4K

-85.18%

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: June 8, 2026

Last update for Keflavik: June 8, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $482 in Medellin and $1,877 in Keflavik. Housing cost is often the main lever when comparing two cities.

Keflavik pays 575% 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 $147 in Keflavik for a mid-range dinner for two. Groceries echo the gap at $190 vs $559 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 178% 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, Keflavik earns 575% less. 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: $482 in Medellin versus $1,877 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 $312 in Medellin versus $318 in Keflavik. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,017 in Medellin versus $2,826 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 $1,017 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 178% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.