Last update: Oct 2026

Cost of Living Comparison Between Medellin and Selfoss

For one person, living is cheaper in Medellin: $1,639 a month against $3,416 in Selfoss, rent and utilities included – about $21,300 less a year. Higher rent and utilities in Selfoss outweigh lower spending on other living expenses.

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Cost of Living Index in Medellin
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Medellin Living Index

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Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Selfoss

🇮🇸 Iceland

$3,416

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Selfoss

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

A single person spends $1,639 per month in Medellin vs $3,416 in Selfoss, rent included.

Medellin $1,639
Selfoss $3,416

A couple spends around $2,413 per month in Medellin vs $2,439 in Selfoss, rent included.

Medellin $2,413
Selfoss $2,439

A family of three spends $3,186 per month in Medellin vs $1,461 in Selfoss, rent included.

Medellin $3,186
Selfoss $1,461

Medellin is about 52% cheaper than Selfoss, and outside of rent the biggest gap is in groceries.

Both Medellin and Selfoss sit above the global median – Medellin by 20%, Selfoss by 151%.

Meal at Budget Restaurant

$8.09 COP 26.1K

Three-Course Dinner for Two, Mid-Range

$47.05 COP 151.9K

Fast Food Meal (McDonalds, etc)

$9.50 COP 30.7K

$20.39 ISK 2,475

-53.41%

Cappuccino

$3.01 COP 9,735

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

$1.80 COP 5,809

Water (0.33 liter bottle)

$1.41 COP 4,561

Local Beer (0.5 liter draught)

$3.18 COP 10.3K

$12.18 ISK 1,478

-73.89%

Imported Beer (0.33 liter bottle)

$5.75 COP 18.6K

Milk (1 liter)

$1.51 COP 4,876

$1.77 ISK 215

-14.69%

White Bread (500g)

$2.38 COP 7,678

$7.65 ISK 929

-68.89%

Rice (white) (1kg)

$1.77 COP 5,720

$4.55 ISK 552

-61.10%

Eggs

$2.89 COP 9,333

$6.49 ISK 787

-55.47%

Local Cheese (1kg)

$10.19 COP 32.9K

$17.25 ISK 2,094

-40.93%

Chicken Fillets (1kg)

$9.87 COP 31.9K

$21.56 ISK 2,617

-54.22%

Beef Round Steak (1kg)

$13.99 COP 45.2K

$33.60 ISK 4,078

-58.36%

Apples (1kg)

$3.97 COP 12.8K

$2.83 ISK 343

40.28%

Banana (1kg)

$1.55 COP 5,012

$2.70 ISK 328

-42.59%

Oranges (1kg)

$2.18 COP 7,048

$2.72 ISK 330

-19.85%

Tomato (1kg)

$2.18 COP 7,051

$7.25 ISK 880

-69.93%

Potato (1kg)

$1.96 COP 6,337

$3.24 ISK 394

-39.51%

Onion (1kg)

$1.59 COP 5,132

$2.07 ISK 252

-23.19%

Lettuce (1 head)

$1.15 COP 3,699

$3.70 ISK 449

-68.92%

Water (1.5 liter bottle)

$1.24 COP 4,014

$1.34 ISK 163

-7.46%

Cigarettes 20 Pack (Marlboro, Camel)

$3.96 COP 12.8K

$15.61 ISK 1,895

-74.63%

Wine (Bottle)

$13.68 COP 44.2K

Local Beer (0.5 liter bottle)

$1.66 COP 5,359

Imported Beer (0.33 liter bottle)

$2.26 COP 7,291

$1.15 ISK 140

96.52%

One-way Ticket (Public Transport)

$1.17 COP 3,771

Public Transport Monthly Pass (Regular Price)

$77.4 COP 249.8K

Taxi Start (Normal Tariff)

$1.27 COP 4,094

Taxi (Normal Tariff) (1km)

$2.05 COP 6,612

Taxi 1hour Waiting (Normal Tariff)

$8.55 COP 27.6K

Gasoline (1 liter)

$1.35 COP 4,349

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

$34.1K COP 110.0M

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

$34.7K COP 111.9M

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

$170 COP 547.8K

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

$13.55 COP 43.8K

Internet (50+ Mbps, Unlimited Data)

$28.07 COP 90.6K

Gym Membership (Monthly)

$43.70 COP 141.1K

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.5K

Cinema Ticket

$6.91 COP 22.3K

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

$797 COP 2.6M

International Primary School, 1 Child (Yearly)

$9,112 COP 29.4M

Jeans (Levis 501 Or Similar)

$84.7 COP 273.5K

Summer Dress (H&M, Zara, etc)

$58.0 COP 187.2K

Sport Shoes (Adidas, Nike)

$135 COP 435.8K

Men's Leather Business Shoes

$97.9 COP 316.0K

1-bedroom Apartment, City Center (Monthly)

$1,208 COP 3.9M

1-bedroom Apartment, Outside City Center (Monthly)

$642 COP 2.1M

$2,771 ISK 336.4K

-76.85%

3-bedroom Apartment, City Center (Monthly)

$2,028 COP 6.5M

3-bedroom Apartment, Outside City Center (Monthly)

$1,012 COP 3.3M

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

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

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

Last update for Medellin: October 25, 2026

Last update for Selfoss: October 25, 2026

Monthly budget structure

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

Accommodation & Living

Medellin

$642 39.1%

Selfoss

–

Groceries & Markets

Medellin

$297 18.1%

Selfoss

–

Monthly Utilities & Internet

Medellin

$211 12.9%

Selfoss

–

Eating Out

Medellin

$170 10.4%

Selfoss

–

Clothing & Footwear

Medellin

$169 10.3%

Selfoss

–

Getting Around

Medellin

$94 5.7%

Selfoss

–

Sport & Entertainment

Medellin

$58 3.5%

Selfoss

–

Good to know

🇨🇴 Medellin

🇮🇸 Selfoss

🕒 Local time

03:00 3:00 AM

08:00 8:00 AM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

9,000

💱 Currency

Colombian Peso COP $

Icelandic Króna ISK kr

📈 Exchange rate

10,000 COP = 3.1 USD

10,000 COP = 2.78 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 = 3,603 COP (10,000 COP = 2.78 EUR).

Icelandic Króna exchange rates as of November 2, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 135 ISK (1,000 ISK = 7.38 EUR).

USD to COP in detail →

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Medellin Selfoss 7,720 km ≈ 10 h nonstop flight

From you

Medellin
Selfoss

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 Selfoss: Cost of Living - Frequently Asked Questions

Yes – Selfoss is pricier by about 108%, and outside of rent the gap shows up most in groceries.

For a comfortable life, plan on about $2,459 per month in Medellin and $5,124 in Selfoss. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $1,639 in Medellin and $3,416 in Selfoss. That makes Medellin about 52% cheaper.

Groceries cost about 76% more in Selfoss, though the gap depends on what you buy.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,639, than in Selfoss at $3,416. In Medellin it covers expenses comfortably, while in Selfoss it requires careful planning or may not stretch far enough.

It depends on your priorities. Medellin has an edge in some lifestyle areas, with costs from $1,639 in Medellin to $3,416 in Selfoss. Climate, culture, job market, and personal taste all factor in.