Cost of Living Comparison Between Medellin and Reykjavik Cost of Living Comparison Between Medellin and Reykjavik

Monthly Cost of Living

A single person spends $1,687 per month in Medellin vs $3,991 in Reykjavik, rent included.

A couple spends around $2,535 per month in Medellin vs $5,585 in Reykjavik, rent included.

A family of three spends $3,383 per month in Medellin vs $7,179 in Reykjavik, rent included.

Medellin is about 58% cheaper than Reykjavik, driven mainly by Eating Out.

Both Medellin and Reykjavik sit above the global median – Medellin by 23%, Reykjavik by 191%.

Meal at Budget Restaurant

$7.89 COP 24.2K

$29.03 ISK 3,528

-72.82%

Three-Course Dinner for Two, Mid-Range

$44.53 COP 136.5K

$133 ISK 16.2K

-66.57%

Fast Food Meal (McDonalds, etc)

$9.29 COP 28.5K

$26.15 ISK 3,177

-64.47%

Cappuccino

$2.90 COP 8,874

$6.64 ISK 806

-56.33%

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

$1.81 COP 5,541

$3.23 ISK 393

-43.96%

Water (0.33 liter bottle)

$1.55 COP 4,741

$3.18 ISK 386

-51.26%

Local Beer (0.5 liter draught)

$3.25 COP 9,962

$13.53 ISK 1,644

-75.98%

Imported Beer (0.33 liter bottle)

$5.88 COP 18.0K

$12.41 ISK 1,508

-52.62%

Milk (1 liter)

$1.38 COP 4,230

$2.08 ISK 253

-33.65%

White Bread (500g)

$2.45 COP 7,517

$4.20 ISK 511

-41.67%

Rice (white) (1kg)

$1.51 COP 4,617

$3.53 ISK 429

-57.22%

Eggs

$2.78 COP 8,516

$7.27 ISK 883

-61.76%

Local Cheese (1kg)

$9.05 COP 27.7K

$20.68 ISK 2,513

-56.24%

Chicken Fillets (1kg)

$10.65 COP 32.6K

$24.10 ISK 2,929

-55.81%

Beef Round Steak (1kg)

$14.63 COP 44.8K

$40.84 ISK 4,961

-64.18%

Apples (1kg)

$3.97 COP 12.2K

$3.42 ISK 415

16.08%

Banana (1kg)

$1.38 COP 4,219

$2.82 ISK 343

-51.06%

Oranges (1kg)

$2.30 COP 7,056

$3.16 ISK 384

-27.22%

Tomato (1kg)

$2.02 COP 6,185

$6.30 ISK 765

-67.94%

Potato (1kg)

$2.09 COP 6,390

$3.92 ISK 476

-46.68%

Onion (1kg)

$1.63 COP 4,996

$1.69 ISK 205

-3.55%

Lettuce (1 head)

$1.08 COP 3,313

$3.39 ISK 412

-68.14%

Water (1.5 liter bottle)

$1.25 COP 3,843

$1.73 ISK 210

-27.75%

Cigarettes 20 Pack (Marlboro, Camel)

$4.03 COP 12.4K

$13.76 ISK 1,671

-70.71%

Wine (Bottle)

$13.47 COP 41.3K

$24.05 ISK 2,922

-43.99%

Local Beer (0.5 liter bottle)

$1.60 COP 4,904

$3.61 ISK 439

-55.68%

Imported Beer (0.33 liter bottle)

$3.00 COP 9,189

$3.35 ISK 407

-10.45%

One-way Ticket (Public Transport)

$1.18 COP 3,611

$5.70 ISK 693

-79.30%

Public Transport Monthly Pass (Regular Price)

$79.9 COP 244.9K

$90.7 ISK 11.0K

-11.88%

Taxi Start (Normal Tariff)

$1.61 COP 4,920

$6.76 ISK 822

-76.18%

Taxi (Normal Tariff) (1km)

$2.13 COP 6,533

$2.79 ISK 339

-23.66%

Taxi 1hour Waiting (Normal Tariff)

$8.52 COP 26.1K

$72.7 ISK 8,830

-88.28%

Gasoline (1 liter)

$1.35 COP 4,142

$2.04 ISK 248

-33.82%

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

$28.3K COP 86.8M

$50.7K ISK 6.2M

-44.18%

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

$35.7K COP 109.4M

$54.3K ISK 6.6M

-34.31%

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

$151 COP 463.8K

$87.2 ISK 10.6K

73.54%

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

$13.10 COP 40.1K

$32.62 ISK 3,963

-59.84%

Internet (50+ Mbps, Unlimited Data)

$32.30 COP 99.0K

$85.2 ISK 10.4K

-62.09%

Gym Membership (Monthly)

$46.33 COP 141.9K

$97.4 ISK 11.8K

-52.41%

Tennis Court (1 Hour on Weekend)

$17.26 COP 52.9K

$48.73 ISK 5,921

-64.58%

Cinema Ticket

$6.43 COP 19.7K

$19.87 ISK 2,414

-67.64%

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

$835 COP 2.6M

$1,128 ISK 137.1K

-25.99%

International Primary School, 1 Child (Yearly)

$8,887 COP 27.2M

$30.2K ISK 3.7M

-70.56%

Jeans (Levis 501 Or Similar)

$89.3 COP 273.7K

$154 ISK 18.7K

-42.09%

Summer Dress (H&M, Zara, etc)

$55.3 COP 169.5K

$66.5 ISK 8,079

-16.81%

Sport Shoes (Adidas, Nike)

$137 COP 418.5K

$191 ISK 23.2K

-28.42%

Men's Leather Business Shoes

$109 COP 335.1K

$244 ISK 29.6K

-55.10%

1-bedroom Apartment, City Center (Monthly)

$952 COP 2.9M

$2,471 ISK 300.2K

-61.47%

1-bedroom Apartment, Outside City Center (Monthly)

$668 COP 2.0M

$2,055 ISK 249.7K

-67.50%

3-bedroom Apartment, City Center (Monthly)

$2,020 COP 6.2M

$3,400 ISK 413.1K

-40.58%

3-bedroom Apartment, Outside City Center (Monthly)

$1,148 COP 3.5M

$2,720 ISK 330.5K

-57.78%

Buy Apartment in City Center (m2)

$3,696 COP 11.3M

$8,029 ISK 975.5K

-53.97%

Buy Apartment Outside City Center (m2)

$1,586 COP 4.9M

$6,365 ISK 773.4K

-75.09%

Average Monthly Net Salary (After Tax)

$625 COP 1.9M

$4,758 ISK 578.1K

-86.85%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.43

9.1

14.62%

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

Last update for Medellin: August 17, 2026

Last update for Reykjavik: August 16, 2026

Cost Breakdown

A central one-bedroom costs $952 in Medellin versus $2,471 in Reykjavik. 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 661% higher in Reykjavik, 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 $45.00 in Medellin versus $133 in Reykjavik. Monthly groceries follow the same trend: $297 vs $612 – 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 Reykjavik: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 137%, and the gap shows up most in Eating Out. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $2,530 per month in Medellin and $5,986 in Reykjavik. 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.

A mid-range dinner for two costs $45.00 in Medellin and $133 in Reykjavik. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Monthly expenses with rent come to $1,687 in Medellin and $3,991 in Reykjavik. The difference isn't just one category – it shows up across housing, food, transport, and services.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,687, than in Reykjavik at $3,991. In Medellin it covers expenses comfortably, while in Reykjavik it requires careful planning or may not stretch far enough.

Families tend to lean toward Medellin – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

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, Reykjavik makes more sense. Both are solid long-term options with distinct trade-offs.