Last update: Oct 2026

Cost of Living Comparison Between Medellin and Reykjavik

For one person, living is cheaper in Medellin: $1,589 a month against $4,037 in Reykjavik, rent and utilities included – about $29,400 less a year. Rent and utilities account for most of the difference.

77

Cost of Living Index in Medellin
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Medellin Living Index
193

Cost of Living Index in Reykjavik
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Reykjavik Living Index

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Medellin

🇨🇴 Colombia

$1,589

/mo nomad

Reykjavik

🇮🇸 Iceland

$4,037

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Reykjavik

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

A single person spends $1,589 per month in Medellin vs $4,037 in Reykjavik, rent included.

Medellin $1,589
Reykjavik $4,037

A couple spends around $2,364 per month in Medellin vs $5,666 in Reykjavik, rent included.

Medellin $2,364
Reykjavik $5,666

A family of three spends $3,139 per month in Medellin vs $7,295 in Reykjavik, rent included.

Medellin $3,139
Reykjavik $7,295

Medellin is about 61% cheaper than Reykjavik, and outside of rent the biggest gap is in eating out.

Both Medellin and Reykjavik sit above the global median – Medellin by 19%, Reykjavik by 201%.

Meal at Budget Restaurant

$8.01 COP 25.8K

$30.59 ISK 3,727

-73.81%

Three-Course Dinner for Two, Mid-Range

$46.55 COP 149.9K

$136 ISK 16.5K

-65.65%

Fast Food Meal (McDonalds, etc)

$9.43 COP 30.4K

$27.08 ISK 3,300

-65.18%

Cappuccino

$2.91 COP 9,374

$6.72 ISK 818

-56.70%

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

$1.75 COP 5,643

$3.27 ISK 399

-46.48%

Water (0.33 liter bottle)

$1.32 COP 4,263

$3.16 ISK 386

-58.23%

Local Beer (0.5 liter draught)

$3.13 COP 10.1K

$13.91 ISK 1,695

-77.50%

Imported Beer (0.33 liter bottle)

$5.55 COP 17.9K

$12.06 ISK 1,469

-53.98%

Milk (1 liter)

$1.41 COP 4,542

$2.04 ISK 248

-30.88%

White Bread (500g)

$2.44 COP 7,858

$4.32 ISK 526

-43.52%

Rice (white) (1kg)

$1.63 COP 5,245

$3.67 ISK 447

-55.59%

Eggs

$2.82 COP 9,084

$7.02 ISK 855

-59.83%

Local Cheese (1kg)

$9.69 COP 31.2K

$22.01 ISK 2,682

-55.97%

Chicken Fillets (1kg)

$9.32 COP 30.0K

$24.70 ISK 3,009

-62.27%

Beef Round Steak (1kg)

$13.46 COP 43.3K

$42.66 ISK 5,198

-68.45%

Apples (1kg)

$4.00 COP 12.9K

$3.37 ISK 411

18.69%

Banana (1kg)

$1.48 COP 4,768

$2.85 ISK 347

-48.07%

Oranges (1kg)

$2.12 COP 6,839

$3.17 ISK 387

-33.12%

Tomato (1kg)

$2.25 COP 7,253

$6.39 ISK 779

-64.79%

Potato (1kg)

$1.91 COP 6,155

$4.01 ISK 489

-52.37%

Onion (1kg)

$1.62 COP 5,214

$1.64 ISK 200

-1.22%

Lettuce (1 head)

$1.15 COP 3,696

$3.80 ISK 462

-69.74%

Water (1.5 liter bottle)

$1.26 COP 4,063

$1.74 ISK 212

-27.59%

Cigarettes 20 Pack (Marlboro, Camel)

$3.82 COP 12.3K

$13.80 ISK 1,681

-72.32%

Wine (Bottle)

$13.11 COP 42.2K

$23.38 ISK 2,849

-43.93%

Local Beer (0.5 liter bottle)

$1.60 COP 5,136

$3.53 ISK 430

-54.67%

Imported Beer (0.33 liter bottle)

$2.26 COP 7,263

$3.45 ISK 420

-34.49%

One-way Ticket (Public Transport)

$1.17 COP 3,770

$5.77 ISK 703

-79.72%

Public Transport Monthly Pass (Regular Price)

$75.0 COP 241.5K

$95.1 ISK 11.6K

-21.15%

Taxi Start (Normal Tariff)

$1.27 COP 4,098

$6.63 ISK 808

-80.84%

Taxi (Normal Tariff) (1km)

$2.05 COP 6,600

$2.79 ISK 340

-26.52%

Taxi 1hour Waiting (Normal Tariff)

$8.20 COP 26.4K

$81.4 ISK 9,915

-89.92%

Gasoline (1 liter)

$1.27 COP 4,088

$2.11 ISK 257

-39.81%

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

$26.8K COP 86.2M

$50.8K ISK 6.2M

-47.31%

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

$34.4K COP 110.8M

$52.7K ISK 6.4M

-34.76%

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

$162 COP 522.3K

$88.7 ISK 10.8K

82.94%

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

$13.12 COP 42.3K

$31.53 ISK 3,842

-58.39%

Internet (50+ Mbps, Unlimited Data)

$28.09 COP 90.5K

$84.6 ISK 10.3K

-66.81%

Gym Membership (Monthly)

$44.33 COP 142.7K

$100 ISK 12.2K

-55.84%

Tennis Court (1 Hour on Weekend)

$16.33 COP 52.6K

$48.20 ISK 5,873

-66.12%

Cinema Ticket

$6.09 COP 19.6K

$19.87 ISK 2,422

-69.35%

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

$764 COP 2.5M

$1,277 ISK 155.7K

-40.17%

International Primary School, 1 Child (Yearly)

$8,904 COP 28.7M

$31.0K ISK 3.8M

-71.23%

Jeans (Levis 501 Or Similar)

$85.0 COP 273.6K

$161 ISK 19.6K

-47.18%

Summer Dress (H&M, Zara, etc)

$57.5 COP 185.1K

$64.9 ISK 7,908

-11.42%

Sport Shoes (Adidas, Nike)

$132 COP 424.2K

$183 ISK 22.3K

-27.86%

Men's Leather Business Shoes

$95.8 COP 308.3K

$254 ISK 30.9K

-62.29%

1-bedroom Apartment, City Center (Monthly)

$1,028 COP 3.3M

$2,499 ISK 304.6K

-58.86%

1-bedroom Apartment, Outside City Center (Monthly)

$604 COP 1.9M

$2,000 ISK 243.7K

-69.78%

3-bedroom Apartment, City Center (Monthly)

$1,802 COP 5.8M

$3,452 ISK 420.6K

-47.80%

3-bedroom Apartment, Outside City Center (Monthly)

$993 COP 3.2M

$2,742 ISK 334.2K

-63.81%

Buy Apartment in City Center (m2)

$3,921 COP 12.6M

$8,001 ISK 974.9K

-50.99%

Buy Apartment Outside City Center (m2)

$1,639 COP 5.3M

$6,249 ISK 761.5K

-73.78%

Average Monthly Net Salary (After Tax)

$626 COP 2.0M

$4,691 ISK 571.6K

-86.65%

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 6, 2026

Last update for Reykjavik: October 4, 2026

Monthly budget structure

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

Accommodation & Living

Medellin

$604 38.3%

Reykjavik

$2K 50.9% 231% $1.4K

Groceries & Markets

Medellin

$288 18.3%

Reykjavik

$625 15.9% 117% $337

Monthly Utilities & Internet

Medellin

$203 12.9%

Reykjavik

$205 5.2% 0.7% $1.4

Clothing & Footwear

Medellin

$166 10.6%

Reykjavik

$298 7.6% 79% $132

Eating Out

Medellin

$166 10.6%

Reykjavik

$526 13.4% 216% $360

Getting Around

Medellin

$91 5.8%

Reykjavik

$139 3.5% 52.2% $48

Sport & Entertainment

Medellin

$57 3.6%

Reykjavik

$140 3.6% 148% $84

Cost Breakdown

A central one-bedroom costs $1,028 in Medellin versus $2,499 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 649% 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 $47.00 in Medellin versus $136 in Reykjavik. Monthly groceries follow the same trend: $288 vs $625 – making Medellin the more affordable choice for daily food spending.

Good to know

🇨🇴 Medellin

🇮🇸 Reykjavik

🕒 Local time

01:42 1:42 AM

06:42 6:42 AM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

136,894 Capital

💱 Currency

Colombian Peso COP $

Icelandic Króna ISK kr

📈 Exchange rate

10,000 COP = 3.11 USD

10,000 COP = 2.77 EUR

1,000 ISK = 8.21 USD

1,000 ISK = 7.32 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 October 10, 2026: 1 USD = 3,220 COP (10,000 COP = 3.11 USD). 1 EUR = 3,611 COP (10,000 COP = 2.77 EUR).

Icelandic Króna exchange rates as of October 10, 2026: 1 USD = 122 ISK (1,000 ISK = 8.21 USD). 1 EUR = 137 ISK (1,000 ISK = 7.32 EUR).

USD to COP in detail →

On the map

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Between locations

Medellin Reykjavik 7,690 km ≈ 10 h nonstop flight

From you

Medellin
Reykjavik

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 Reykjavik: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 154%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $2,384 per month in Medellin and $6,055 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 $47.00 in Medellin and $136 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 $1,589 in Medellin and $4,037 in Reykjavik. That's a gap of about 154%.

A $1,500 monthly budget goes further in Medellin, where all-in costs run around $1,589, than in Reykjavik at $4,037. 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.