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

Monthly Cost of Living

A single person spends $3,883 per month in Reykjavik vs $1,013 in Medellin, rent included.

A couple spends around $5,535 per month in Reykjavik vs $1,602 in Medellin, rent included.

A family of three spends $7,188 per month in Reykjavik vs $2,192 in Medellin, rent included.

Reykjavik costs about 283% more than Medellin, driven mainly by Groceries & Markets.

Reykjavik sits 190% above the global median, while Medellin is 24% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$27.17 ISK 3,346

$5.99 COP 21.4K

353.59%

Three-Course Dinner for Two, Mid-Range

$144 ISK 17.7K

$32.86 COP 117.2K

336.79%

Fast Food Meal (McDonalds, etc)

$22.42 ISK 2,761

$7.09 COP 25.3K

216.22%

Cappuccino

$6.19 ISK 763

$1.71 COP 6,105

261.99%

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

$3.28 ISK 405

$1.10 COP 3,918

198.18%

Water (0.33 liter bottle)

$2.53 ISK 311

$0.78 COP 2,776

224.36%

Local Beer (0.5 liter draught)

$13.11 ISK 1,615

$1.68 COP 5,987

680.36%

Imported Beer (0.33 liter bottle)

$11.43 ISK 1,408

$3.07 COP 10.9K

272.31%

Milk (1 liter)

$1.94 ISK 239

$1.09 COP 3,899

77.98%

White Bread (500g)

$4.29 ISK 528

$1.26 COP 4,500

240.48%

Rice (white) (1kg)

$3.72 ISK 458

$1.38 COP 4,914

169.57%

Eggs

$6.53 ISK 804

$2.19 COP 7,813

198.17%

Local Cheese (1kg)

$17.88 ISK 2,202

$4.40 COP 15.7K

306.36%

Chicken Fillets (1kg)

$24.10 ISK 2,968

$5.63 COP 20.1K

328.06%

Beef Round Steak (1kg)

$42.88 ISK 5,281

$8.89 COP 31.7K

382.34%

Apples (1kg)

$3.35 ISK 412

$2.34 COP 8,334

43.16%

Banana (1kg)

$2.51 ISK 309

$1.06 COP 3,771

136.79%

Oranges (1kg)

$3.13 ISK 385

$1.50 COP 5,365

108.67%

Tomato (1kg)

$4.89 ISK 602

$1.38 COP 4,915

254.35%

Potato (1kg)

$3.71 ISK 457

$1.15 COP 4,104

222.61%

Onion (1kg)

$2.32 ISK 285

$1.16 COP 4,148

100.00%

Lettuce (1 head)

$3.07 ISK 378

$0.89 COP 3,176

244.94%

Water (1.5 liter bottle)

$1.99 ISK 246

$0.84 COP 2,992

136.90%

Cigarettes 20 Pack (Marlboro, Camel)

$13.85 ISK 1,705

$2.28 COP 8,131

507.46%

Wine (Bottle)

$23.47 ISK 2,891

$10.64 COP 37.9K

120.58%

Local Beer (0.5 liter bottle)

$3.62 ISK 446

$1.20 COP 4,276

201.67%

Imported Beer (0.33 liter bottle)

$3.38 ISK 416

$2.47 COP 8,809

36.84%

One-way Ticket (Public Transport)

$5.10 ISK 628

$0.86 COP 3,051

493.02%

Public Transport Monthly Pass (Regular Price)

$85.4 ISK 10.5K

$41.40 COP 147.6K

106.18%

Taxi Start (Normal Tariff)

$6.28 ISK 773

$1.47 COP 5,255

327.21%

Taxi (Normal Tariff) (1km)

$2.57 ISK 317

$1.96 COP 6,997

31.12%

Taxi 1hour Waiting (Normal Tariff)

$85.8 ISK 10.6K

$7.74 COP 27.6K

1008.14%

Gasoline (1 liter)

$2.52 ISK 310

$0.95 COP 3,403

165.26%

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

$47.2K ISK 5.8M

$18.1K COP 64.6M

160.19%

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

$51.8K ISK 6.4M

$26.5K COP 94.4M

95.64%

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

$86.9 ISK 10.7K

$82.3 COP 293.2K

5.59%

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

$26.94 ISK 3,317

$9.50 COP 33.9K

183.58%

Internet (50+ Mbps, Unlimited Data)

$85.9 ISK 10.6K

$24.23 COP 86.4K

254.60%

Gym Membership (Monthly)

$83.4 ISK 10.3K

$25.89 COP 92.3K

222.21%

Tennis Court (1 Hour on Weekend)

$37.54 ISK 4,623

$19.00 COP 67.7K

97.58%

Cinema Ticket

$17.53 ISK 2,159

$3.93 COP 14.0K

346.06%

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

$321 ISK 39.5K

$309 COP 1.1M

3.67%

International Primary School, 1 Child (Yearly)

$30.2K ISK 3.7M

$5,965 COP 21.3M

405.62%

Jeans (Levis 501 Or Similar)

$140 ISK 17.2K

$58.7 COP 209.1K

138.42%

Summer Dress (H&M, Zara, etc)

$60.6 ISK 7,456

$32.35 COP 115.3K

87.17%

Sport Shoes (Adidas, Nike)

$181 ISK 22.3K

$103 COP 365.7K

76.23%

Men's Leather Business Shoes

$263 ISK 32.4K

$108 COP 386.5K

142.95%

1-bedroom Apartment, City Center (Monthly)

$2,175 ISK 267.8K

$476 COP 1.7M

356.75%

1-bedroom Apartment, Outside City Center (Monthly)

$2,023 ISK 249.2K

$379 COP 1.4M

434.15%

3-bedroom Apartment, City Center (Monthly)

$3,139 ISK 386.6K

$838 COP 3.0M

274.53%

3-bedroom Apartment, Outside City Center (Monthly)

$2,738 ISK 337.1K

$724 COP 2.6M

278.19%

Buy Apartment in City Center (m2)

$8,022 ISK 987.9K

$2,791 COP 9.9M

187.47%

Buy Apartment Outside City Center (m2)

$6,223 ISK 766.3K

$1,211 COP 4.3M

413.70%

Average Monthly Net Salary (After Tax)

$4,441 ISK 546.9K

$512 COP 1.8M

767.75%

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: May 30, 2026

Last update for Medellin: May 31, 2026

Cost Breakdown

A central one-bedroom costs $2,175 in Reykjavik versus $476 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 768% 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 $144 in Reykjavik versus $33.00 in Medellin. Monthly groceries follow the same trend: $599 vs $188 – 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 283%, 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 $5,824 per month in Reykjavik and $1,519 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 $144 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 $3,883 in Reykjavik and $1,013 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 $1,013, than in Reykjavik at $3,883. 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.