Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Medellin

For one person, living is cheaper in Medellin: $1,614 a month against $4,002 in Reykjavik, rent and utilities included – about $28,700 less a year. Rent and utilities account for most of the difference.

193

Cost of Living Index in Reykjavik
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Reykjavik Living Index
79

Cost of Living Index in Medellin
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Medellin Living Index

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Reykjavik

🇮🇸 Iceland

$4,002

/mo nomad

Medellin

🇨🇴 Colombia

$1,614

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Medellin

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Reykjavik and in Medellin actually costs, broken down by who's living it.

A single person spends $4,002 per month in Reykjavik vs $1,614 in Medellin, rent included.

Reykjavik $4,002
Medellin $1,614

A couple spends around $5,705 per month in Reykjavik vs $2,402 in Medellin, rent included.

Reykjavik $5,705
Medellin $2,402

A family of three spends $7,407 per month in Reykjavik vs $3,190 in Medellin, rent included.

Reykjavik $7,407
Medellin $3,190

Reykjavik costs about 148% more than Medellin, and outside of rent the biggest gap is in eating out.

Both Reykjavik and Medellin sit above the global median – Reykjavik by 196%, Medellin by 20%.

Meal at Budget Restaurant

$31.56 ISK 3,828

$7.93 COP 25.2K

297.98%

Three-Course Dinner for Two, Mid-Range

$122 ISK 14.8K

$46.13 COP 146.3K

165.23%

Fast Food Meal (McDonalds, etc)

$26.86 ISK 3,258

$9.50 COP 30.1K

182.74%

Cappuccino

$6.81 ISK 827

$3.11 COP 9,866

118.97%

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

$3.39 ISK 411

$1.83 COP 5,800

85.25%

Water (0.33 liter bottle)

$3.20 ISK 388

$1.38 COP 4,360

131.88%

Local Beer (0.5 liter draught)

$14.14 ISK 1,715

$3.05 COP 9,672

363.61%

Imported Beer (0.33 liter bottle)

$12.31 ISK 1,493

$5.50 COP 17.4K

123.82%

Milk (1 liter)

$2.10 ISK 255

$1.45 COP 4,600

44.83%

White Bread (500g)

$4.19 ISK 508

$2.36 COP 7,496

77.54%

Rice (white) (1kg)

$3.72 ISK 451

$1.68 COP 5,328

121.43%

Eggs

$7.05 ISK 856

$2.86 COP 9,077

146.50%

Local Cheese (1kg)

$21.56 ISK 2,615

$10.19 COP 32.3K

111.58%

Chicken Fillets (1kg)

$24.68 ISK 2,993

$9.53 COP 30.2K

158.97%

Beef Round Steak (1kg)

$42.19 ISK 5,117

$14.04 COP 44.5K

200.50%

Apples (1kg)

$3.23 ISK 392

$4.07 COP 12.9K

-20.64%

Banana (1kg)

$2.73 ISK 331

$1.50 COP 4,742

82.00%

Oranges (1kg)

$3.17 ISK 384

$2.17 COP 6,891

46.08%

Tomato (1kg)

$6.61 ISK 802

$2.31 COP 7,310

186.15%

Potato (1kg)

$3.85 ISK 467

$1.93 COP 6,113

99.48%

Onion (1kg)

$1.66 ISK 201

$1.64 COP 5,196

1.22%

Lettuce (1 head)

$3.80 ISK 461

$1.13 COP 3,571

236.28%

Water (1.5 liter bottle)

$1.75 ISK 212

$1.25 COP 3,954

40.00%

Cigarettes 20 Pack (Marlboro, Camel)

$13.71 ISK 1,662

$3.99 COP 12.6K

243.61%

Wine (Bottle)

$24.21 ISK 2,937

$13.35 COP 42.3K

81.35%

Local Beer (0.5 liter bottle)

$3.53 ISK 428

$1.70 COP 5,384

107.65%

Imported Beer (0.33 liter bottle)

$3.32 ISK 402

$2.37 COP 7,525

40.08%

One-way Ticket (Public Transport)

$5.75 ISK 697

$1.21 COP 3,827

375.21%

Public Transport Monthly Pass (Regular Price)

$93.8 ISK 11.4K

$76.5 COP 242.5K

22.64%

Taxi Start (Normal Tariff)

$6.61 ISK 802

$1.32 COP 4,179

400.76%

Taxi (Normal Tariff) (1km)

$2.90 ISK 352

$2.14 COP 6,774

35.51%

Taxi 1hour Waiting (Normal Tariff)

$79.2 ISK 9,602

$8.47 COP 26.8K

834.59%

Gasoline (1 liter)

$2.09 ISK 253

$1.30 COP 4,114

60.77%

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

$51.0K ISK 6.2M

$28.0K COP 88.7M

82.26%

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

$53.3K ISK 6.5M

$35.4K COP 112.3M

50.43%

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

$95.3 ISK 11.6K

$172 COP 545.6K

-44.65%

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

$32.35 ISK 3,923

$13.37 COP 42.4K

141.96%

Internet (50+ Mbps, Unlimited Data)

$87.5 ISK 10.6K

$28.73 COP 91.1K

204.70%

Gym Membership (Monthly)

$102 ISK 12.4K

$45.24 COP 143.5K

125.15%

Tennis Court (1 Hour on Weekend)

$50.1 ISK 6,074

$17.04 COP 54.0K

193.90%

Cinema Ticket

$19.88 ISK 2,412

$6.28 COP 19.9K

216.56%

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

$1,194 ISK 144.8K

$770 COP 2.4M

55.02%

International Primary School, 1 Child (Yearly)

$25.4K ISK 3.1M

$9,011 COP 28.6M

181.97%

Jeans (Levis 501 Or Similar)

$149 ISK 18.1K

$86.4 COP 274.0K

72.47%

Summer Dress (H&M, Zara, etc)

$66.6 ISK 8,080

$57.1 COP 181.1K

16.61%

Sport Shoes (Adidas, Nike)

$180 ISK 21.8K

$137 COP 432.9K

31.75%

Men's Leather Business Shoes

$253 ISK 30.7K

$97.9 COP 310.4K

158.65%

1-bedroom Apartment, City Center (Monthly)

$2,549 ISK 309.2K

$1,055 COP 3.3M

141.58%

1-bedroom Apartment, Outside City Center (Monthly)

$2,056 ISK 249.4K

$616 COP 2.0M

233.88%

3-bedroom Apartment, City Center (Monthly)

$3,498 ISK 424.2K

$1,892 COP 6.0M

84.83%

3-bedroom Apartment, Outside City Center (Monthly)

$2,764 ISK 335.2K

$1,023 COP 3.2M

170.20%

Buy Apartment in City Center (m2)

$8,120 ISK 984.9K

$4,059 COP 12.9M

100.05%

Buy Apartment Outside City Center (m2)

$6,254 ISK 758.5K

$1,678 COP 5.3M

272.60%

Average Monthly Net Salary (After Tax)

$4,573 ISK 554.6K

$652 COP 2.1M

600.96%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

10.94

-19.47%

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

Last update for Reykjavik: October 12, 2026

Last update for Medellin: October 12, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.4%

Medellin

$616 38.2% 70% $1.4K

Groceries & Markets

Reykjavik

$623 15.6%

Medellin

$295 18.3% 52.7% $328

Eating Out

Reykjavik

$536 13.4%

Medellin

$168 10.4% 68.6% $368

Clothing & Footwear

Reykjavik

$292 7.3%

Medellin

$170 10.5% 41.7% $122

Monthly Utilities & Internet

Reykjavik

$215 5.4%

Medellin

$214 13.3% 0.4% $1

Sport & Entertainment

Reykjavik

$142 3.5%

Medellin

$58 3.6% 59.2% $84

Getting Around

Reykjavik

$138 3.5%

Medellin

$93 5.8% 32.3% $45

Cost Breakdown

A central one-bedroom costs $2,549 in Reykjavik versus $1,055 in Medellin. 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 601% 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 $122 in Reykjavik versus $46.00 in Medellin. Monthly groceries follow the same trend: $623 vs $295 – making Medellin the more affordable choice for daily food spending.

Good to know

🇮🇸 Reykjavik

🇨🇴 Medellin

🕒 Local time

19:42 7:42 PM

14:42 2:42 PM

5 h behind Reykjavik

🌤 Weather

👥 Population

136,894 Capital

2,486,723

💱 Currency

Icelandic Króna ISK kr

Colombian Peso COP $

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

10,000 COP = 3.15 USD

10,000 COP = 2.81 EUR

Exchange rates and currency converter

COP, USD, EUR to ISK – Icelandic Króna Converter

🇺🇸 United States Dollar ($)

🇮🇸 Icelandic Króna (kr)

Icelandic Króna exchange rates as of October 18, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.33 EUR).

Colombian Peso exchange rates as of October 18, 2026: 1 USD = 3,171 COP (10,000 COP = 3.15 USD). 1 EUR = 3,565 COP (10,000 COP = 2.81 EUR).

USD to ISK in detail →

On the map

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Between locations

Reykjavik Medellin 7,690 km ≈ 10 h nonstop flight

From you

Reykjavik
Medellin

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

Reykjavik vs Medellin: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 148%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $6,003 per month in Reykjavik and $2,421 in Medellin. 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 $122 in Reykjavik and $46.00 in Medellin. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Monthly expenses with rent come to $4,002 in Reykjavik and $1,614 in Medellin. That's a gap of about 148%.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,614, than in Reykjavik at $4,002. 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.