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

Monthly Cost of Living

A single person spends $4,048 per month in Reykjavik vs $1,716 in Medellin, rent included.

A couple spends around $5,736 per month in Reykjavik vs $2,527 in Medellin, rent included.

A family of three spends $7,424 per month in Reykjavik vs $3,338 in Medellin, rent included.

Reykjavik costs about 136% more than Medellin, driven mainly by Eating Out.

Both Reykjavik and Medellin sit above the global median – Reykjavik by 195%, Medellin by 25%.

Meal at Budget Restaurant

$30.26 ISK 3,667

$8.03 COP 25.3K

276.84%

Three-Course Dinner for Two, Mid-Range

$135 ISK 16.4K

$48.26 COP 152.0K

180.71%

Fast Food Meal (McDonalds, etc)

$26.29 ISK 3,186

$9.77 COP 30.8K

169.09%

Cappuccino

$6.95 ISK 842

$2.91 COP 9,167

138.83%

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

$3.30 ISK 400

$1.94 COP 6,122

70.10%

Water (0.33 liter bottle)

$3.35 ISK 406

$1.52 COP 4,792

120.39%

Local Beer (0.5 liter draught)

$14.06 ISK 1,704

$3.09 COP 9,740

355.02%

Imported Beer (0.33 liter bottle)

$12.60 ISK 1,527

$5.74 COP 18.1K

119.51%

Milk (1 liter)

$2.10 ISK 254

$1.36 COP 4,296

54.41%

White Bread (500g)

$4.47 ISK 542

$2.39 COP 7,519

87.03%

Rice (white) (1kg)

$3.59 ISK 436

$1.70 COP 5,356

111.18%

Eggs

$7.13 ISK 865

$2.87 COP 9,038

148.43%

Local Cheese (1kg)

$21.34 ISK 2,586

$9.94 COP 31.3K

114.69%

Chicken Fillets (1kg)

$24.37 ISK 2,953

$10.78 COP 34.0K

126.07%

Beef Round Steak (1kg)

$42.10 ISK 5,102

$14.73 COP 46.4K

185.81%

Apples (1kg)

$3.35 ISK 406

$4.09 COP 12.9K

-18.09%

Banana (1kg)

$2.82 ISK 341

$1.57 COP 4,950

79.62%

Oranges (1kg)

$3.21 ISK 389

$2.13 COP 6,695

50.70%

Tomato (1kg)

$6.24 ISK 756

$2.21 COP 6,972

182.35%

Potato (1kg)

$4.01 ISK 487

$2.05 COP 6,447

95.61%

Onion (1kg)

$1.70 ISK 206

$1.50 COP 4,737

13.33%

Lettuce (1 head)

$3.83 ISK 464

$1.19 COP 3,747

221.85%

Water (1.5 liter bottle)

$1.78 ISK 216

$1.16 COP 3,647

53.45%

Cigarettes 20 Pack (Marlboro, Camel)

$13.75 ISK 1,666

$3.90 COP 12.3K

252.56%

Wine (Bottle)

$24.28 ISK 2,942

$14.44 COP 45.5K

68.14%

Local Beer (0.5 liter bottle)

$3.79 ISK 460

$1.58 COP 4,987

139.87%

Imported Beer (0.33 liter bottle)

$3.45 ISK 418

$2.83 COP 8,905

21.91%

One-way Ticket (Public Transport)

$5.81 ISK 704

$1.17 COP 3,679

396.58%

Public Transport Monthly Pass (Regular Price)

$92.7 ISK 11.2K

$77.7 COP 244.8K

19.30%

Taxi Start (Normal Tariff)

$6.84 ISK 829

$1.28 COP 4,045

434.38%

Taxi (Normal Tariff) (1km)

$2.90 ISK 352

$2.09 COP 6,589

38.76%

Taxi 1hour Waiting (Normal Tariff)

$74.5 ISK 9,033

$8.62 COP 27.1K

764.73%

Gasoline (1 liter)

$2.00 ISK 242

$1.30 COP 4,088

53.85%

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

$50.6K ISK 6.1M

$27.7K COP 87.1M

82.83%

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

$53.4K ISK 6.5M

$35.5K COP 111.8M

50.45%

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

$89.6 ISK 10.9K

$176 COP 554.5K

-49.12%

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

$33.11 ISK 4,013

$13.37 COP 42.1K

147.64%

Internet (50+ Mbps, Unlimited Data)

$85.1 ISK 10.3K

$29.89 COP 94.1K

184.84%

Gym Membership (Monthly)

$99.0 ISK 12.0K

$44.76 COP 141.0K

121.13%

Tennis Court (1 Hour on Weekend)

$50.3 ISK 6,100

$17.06 COP 53.7K

195.08%

Cinema Ticket

$19.43 ISK 2,354

$6.20 COP 19.5K

213.39%

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

$1,173 ISK 142.1K

$793 COP 2.5M

47.83%

International Primary School, 1 Child (Yearly)

$31.2K ISK 3.8M

$9,019 COP 28.4M

246.48%

Jeans (Levis 501 Or Similar)

$161 ISK 19.5K

$85.6 COP 269.6K

87.97%

Summer Dress (H&M, Zara, etc)

$65.1 ISK 7,890

$58.5 COP 184.1K

11.36%

Sport Shoes (Adidas, Nike)

$183 ISK 22.2K

$136 COP 429.3K

34.37%

Men's Leather Business Shoes

$249 ISK 30.2K

$103 COP 324.7K

141.69%

1-bedroom Apartment, City Center (Monthly)

$2,506 ISK 303.7K

$1,060 COP 3.3M

136.49%

1-bedroom Apartment, Outside City Center (Monthly)

$2,092 ISK 253.5K

$680 COP 2.1M

207.86%

3-bedroom Apartment, City Center (Monthly)

$3,408 ISK 413.0K

$2,012 COP 6.3M

69.40%

3-bedroom Apartment, Outside City Center (Monthly)

$2,752 ISK 333.5K

$1,169 COP 3.7M

135.54%

Buy Apartment in City Center (m2)

$7,972 ISK 966.1K

$4,111 COP 12.9M

93.90%

Buy Apartment Outside City Center (m2)

$6,354 ISK 770.0K

$1,701 COP 5.4M

273.46%

Average Monthly Net Salary (After Tax)

$4,606 ISK 558.1K

$665 COP 2.1M

592.35%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.88

10.94

-18.83%

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

Last update for Reykjavik: August 29, 2026

Last update for Medellin: August 30, 2026

Cost Breakdown

A central one-bedroom costs $2,506 in Reykjavik versus $1,060 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 592% 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 $135 in Reykjavik versus $48.00 in Medellin. Monthly groceries follow the same trend: $625 vs $303 – 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 136%, 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 $6,073 per month in Reykjavik and $2,574 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 $135 in Reykjavik and $48.00 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 $4,048 in Reykjavik and $1,716 in Medellin. 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 $1,716, than in Reykjavik at $4,048. 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.