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

Monthly Cost of Living

A single person spends $3,869 per month in Reykjavik vs $1,031 in Medellin, rent included.

A couple spends around $5,475 per month in Reykjavik vs $1,599 in Medellin, rent included.

A family of three spends $7,081 per month in Reykjavik vs $2,167 in Medellin, rent included.

Reykjavik costs about 275% more than Medellin, driven mainly by Groceries & Markets.

Reykjavik sits 190% above the global median, while Medellin is 23% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$27.43 ISK 3,418

$6.16 COP 20.1K

345.29%

Three-Course Dinner for Two, Mid-Range

$142 ISK 17.7K

$32.60 COP 106.1K

336.07%

Fast Food Meal (McDonalds, etc)

$22.54 ISK 2,809

$7.34 COP 23.9K

207.08%

Cappuccino

$6.05 ISK 754

$1.72 COP 5,600

251.74%

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

$3.22 ISK 402

$1.05 COP 3,420

206.67%

Water (0.33 liter bottle)

$2.52 ISK 314

$0.77 COP 2,515

227.27%

Local Beer (0.5 liter draught)

$12.93 ISK 1,611

$1.69 COP 5,488

665.09%

Imported Beer (0.33 liter bottle)

$11.39 ISK 1,420

$3.17 COP 10.3K

259.31%

Milk (1 liter)

$1.89 ISK 235

$1.05 COP 3,423

80.00%

White Bread (500g)

$4.19 ISK 522

$1.30 COP 4,236

222.31%

Rice (white) (1kg)

$3.54 ISK 441

$1.40 COP 4,544

152.86%

Eggs

$6.31 ISK 786

$2.16 COP 7,047

192.13%

Local Cheese (1kg)

$18.00 ISK 2,243

$4.39 COP 14.3K

310.02%

Chicken Fillets (1kg)

$24.46 ISK 3,048

$5.88 COP 19.1K

315.99%

Beef Round Steak (1kg)

$41.94 ISK 5,226

$8.64 COP 28.1K

385.42%

Apples (1kg)

$3.33 ISK 415

$2.28 COP 7,426

46.05%

Banana (1kg)

$2.40 ISK 300

$1.11 COP 3,604

116.22%

Oranges (1kg)

$3.03 ISK 377

$1.53 COP 4,983

98.04%

Tomato (1kg)

$5.13 ISK 639

$1.35 COP 4,410

280.00%

Potato (1kg)

$3.66 ISK 455

$1.13 COP 3,674

223.89%

Onion (1kg)

$2.42 ISK 302

$1.13 COP 3,692

114.16%

Lettuce (1 head)

$3.17 ISK 394

$0.85 COP 2,753

272.94%

Water (1.5 liter bottle)

$1.93 ISK 241

$0.91 COP 2,975

112.09%

Cigarettes 20 Pack (Marlboro, Camel)

$13.76 ISK 1,714

$2.34 COP 7,630

488.03%

Wine (Bottle)

$22.67 ISK 2,825

$12.37 COP 40.3K

83.27%

Local Beer (0.5 liter bottle)

$3.75 ISK 467

$1.20 COP 3,909

212.50%

Imported Beer (0.33 liter bottle)

$3.26 ISK 406

$2.49 COP 8,104

30.92%

One-way Ticket (Public Transport)

$5.30 ISK 661

$0.84 COP 2,728

530.95%

Public Transport Monthly Pass (Regular Price)

$88.2 ISK 11.0K

$40.57 COP 132.1K

117.45%

Taxi Start (Normal Tariff)

$6.51 ISK 811

$1.42 COP 4,623

358.45%

Taxi (Normal Tariff) (1km)

$2.57 ISK 321

$1.92 COP 6,235

33.85%

Taxi 1hour Waiting (Normal Tariff)

$86.4 ISK 10.8K

$7.66 COP 24.9K

1028.20%

Gasoline (1 liter)

$2.52 ISK 314

$0.99 COP 3,223

154.55%

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

$47.7K ISK 5.9M

$18.0K COP 58.7M

164.77%

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

$51.8K ISK 6.5M

$26.6K COP 86.7M

94.72%

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

$87.1 ISK 10.9K

$80.8 COP 263.1K

7.78%

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

$27.13 ISK 3,380

$9.95 COP 32.4K

172.66%

Internet (50+ Mbps, Unlimited Data)

$85.4 ISK 10.6K

$24.18 COP 78.7K

253.18%

Gym Membership (Monthly)

$84.0 ISK 10.5K

$25.08 COP 81.7K

235.05%

Tennis Court (1 Hour on Weekend)

$38.12 ISK 4,750

$19.15 COP 62.3K

99.06%

Cinema Ticket

$17.35 ISK 2,162

$3.98 COP 13.0K

335.93%

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

$319 ISK 39.8K

$305 COP 993.5K

4.59%

International Primary School, 1 Child (Yearly)

$30.7K ISK 3.8M

$6,059 COP 19.7M

406.35%

Jeans (Levis 501 Or Similar)

$138 ISK 17.1K

$58.1 COP 189.2K

136.57%

Summer Dress (H&M, Zara, etc)

$62.8 ISK 7,821

$32.20 COP 104.8K

94.94%

Sport Shoes (Adidas, Nike)

$182 ISK 22.7K

$101 COP 327.9K

80.78%

Men's Leather Business Shoes

$269 ISK 33.5K

$108 COP 350.8K

149.72%

1-bedroom Apartment, City Center (Monthly)

$2,254 ISK 280.8K

$477 COP 1.6M

372.86%

1-bedroom Apartment, Outside City Center (Monthly)

$2,008 ISK 250.2K

$376 COP 1.2M

433.72%

3-bedroom Apartment, City Center (Monthly)

$3,231 ISK 402.6K

$845 COP 2.7M

282.54%

3-bedroom Apartment, Outside City Center (Monthly)

$2,756 ISK 343.4K

$730 COP 2.4M

277.36%

Buy Apartment in City Center (m2)

$7,955 ISK 991.2K

$3,215 COP 10.5M

147.41%

Buy Apartment Outside City Center (m2)

$6,156 ISK 767.1K

$1,372 COP 4.5M

348.61%

Average Monthly Net Salary (After Tax)

$4,438 ISK 553.0K

$617 COP 2.0M

619.58%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.63

13.43

-28.29%

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

Last update for Reykjavik: July 11, 2026

Last update for Medellin: July 12, 2026

Cost Breakdown

A central one-bedroom costs $2,254 in Reykjavik versus $477 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 620% 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 $142 in Reykjavik versus $33.00 in Medellin. Monthly groceries follow the same trend: $593 vs $193 – 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

Reykjavik vs Medellin: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 275%, and the gap shows up most in Groceries & Markets. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $5,803 per month in Reykjavik and $1,546 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 $142 in Reykjavik and $33.00 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 $3,869 in Reykjavik and $1,031 in Medellin. The difference isn't just one category – it shows up across housing, food, transport, and services.

A $1,500 monthly budget goes further in Medellin, where all-in costs run around $1,031, than in Reykjavik at $3,869. 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.