Medellin, Colombia

Cost Of Living In Medellin, Colombia

Medellin is about the best value you’ll find anywhere in the Americas. For the weather, First World ambiance, culture, and amenities we enjoy here, the cost of living is moderately low.

You can live here for just over 3.5 million Colombian pesos per month.

Day-to-day costs in Medellin are on slightly less than those in Panama City, which is to say they’re not ultra-bargain basement.

For instances, a bottle of water in a corner shop, restaurant meals, taxis, and movie tickets all cost just slightly less what they’d cost in the Panamanian capital.

The difference, of course, is that the cost of everything fluctuates in U.S. dollar terms every day.

The dollar has really strong against the peso lately, so purchasing power is going up for those using US dollars.

One notable cost savings living in Medellin would have to do with utility expenses.

Thanks to the climate, you could live here with neither heating nor air conditioning, meaning your utility costs could be almost negligible. This could reduce your overall monthly budget by as much as US$200 or more.

Real Estate

In Medellin, you enjoy a reasonable cost of living, high-value, fairly priced properties, and the chance to earn a non-dollar income with a rental property. The real cost advantage of Medellin has to do with real estate.

El Poblado, in the heart of the city, is the top end of the market, for both renting and buying. Here you’re looking at US$1,000 to US$1,500 per square meter to purchase resale (sometimes furnished); US$1,500 to US$2,000 per square meter to buy new; and US$1,000 (for a one-bedroom) to maybe US$3,000 (for a luxury-level penthouse) per month to rent, furnished.

Again, that’s the top of the market. In less recognized, more local neighborhoods, those prices can fall in half and more.

For example, you can rent a one-bedroom apartment in the Laureles neighborhood (a neighborhood Lief and I explored and found to be safe, pleasant, and up-and-coming…a very good budget choice compared with more central and more discovered El Poblado) for as little as 850,000 pesos a month, maybe less. At the current exchange rate, that’s about US$227.33.

Apartment Or House Ownership Budget (For A Couple)

Apartment Or House Rental Budget (For A Couple)

Penny-Pincher’s Budget For Medellin (Bare Minimum Costs, For A Couple)

Life In Colombia – Average Costs For Everyday Items in COP:

• Beer: 4,000 – 15,000
• Glass of wine: 8,000 – 15,000
• Cocktail: 10,000 – 30,000
• Black coffee: 3,000 – 9,000
• Sandwich: 5,000 – 25,000
• Lunch: 8,000 – 30,000
• Dinner: 10,000 – ???
• Car insurance: 244,133/month
• Gasoline: 110,000/month
• Maintenance: varies
• Parking: minimal on the street (1,000 – 6,000/event)
• Medical appt.: 195,000 without insurance

Click here for currency conversion at today’s exchange rate.

Infrastructure In Medellín, Colombia

Medellín has a First World environment.

Medellin boasts well-maintained roads and drinkable water along with dependable phone service, electricity, and high-speed Internet.

For example, you’ll find shopping galore, from mom-and-pop stores to upscale boutiques to a number of large, modern shopping malls. The banks and financial services are solid and dependable.

Climate In Medellin

The weather in Medellin is perfect. Perched at an elevation of 5,000 feet (1,500 meters), it enjoys beautiful weather all year, with warm, balmy days and cool, pleasant nights.

The average daytime high is 79 degrees Fahrenheit and the low is 63, with only one degree of seasonal variation. I like to say that Medellin is “room temperature” every day, all year.

What Are The Downsides To Medellin?

I’ve been spending time and investing money in Colombia and reporting on those adventures for more than 10 years.

Still, people tell me I’m crazy.

You could find things to complain about in Colombia… as you could anywhere. However, safety and security—both personal and financial—aren’t among them.

What might you want to gripe about in Colombia?

A few years ago, one guy who moved to the country wrote to me for months to complain about the toll roads he had to drive to get to wherever it was he liked to spend his weekends. At the exchange rate at the time, it was costing him something like US$10 each way to make the trip.

I responded to suggest he find another place to hang out on Saturdays and Sundays. Either that or accept the tolls as part of his cost of living and stop moaning about them… or move back home.

He wasn’t happy with any of those options.

The “Complaining Expat” is something to watch out for everywhere, but, honestly, I haven’t encountered many in Colombia beyond this one guy… especially in Medellín.

The truth is there just isn’t much to find disagreeable in this city.

Despite the ongoing negative impression much of the world has about Colombia in general and Medellín in particular, I’ve never been anything but impressed.

Medellín is about as pleasant a place as I’ve known.

This is a clean, pretty, well-tended city where the infrastructure works and the people are friendly and respectful. I can think of lots of places where those fundamentals cannot be taken for granted. Indeed, I’d say Medellín stands head and shoulders above most cities I’ve known, including most cities in the United States.

Two things that have most impressed me every time I’ve spent time anywhere in Colombia are the standard of service and the manners of the people. It’s not only that the people are friendly and respectful.

I can think of lots of places where those fundamentals cannot be taken for granted.

Indeed, I’d say Medellín stands head and shoulders above most cities I’ve known, including most cities in the United States.

Two things that have most impressed me every time I’ve spent time anywhere in Colombia are the standard of service and the manners of the people.

It’s not only that the people are friendly, as you too often hear people in other countries described…

It’s that they understand the importance of the basic niceties that make day-to-day living so much more pleasant.

Things like saying hello and good morning, please and thank you to people you encounter on the street and in the shops… waiting your turn in line… giving up your seat on the metro to the lady with the cane… and generally respecting the time and space of those around you as you move through the world each day.

Medellín is a metropolitan area of about three-and-a-half million people. In a city this size, you might expect the inhabitants to be gruff and rushed, but, in all the years I’ve spent time here, that has not once been my experience.

A Complaining Expat might tell you that the locals are friendly because they see you as an ATM. I’ve thought that myself in some parts of the world… and I’d say it could be true in Colombia’s most touristed spots—including Cartagena, for example, where both Colombians and foreigners are harassed by ever-present touts peddling their tourist trinkets.

This is not an issue in Medellín.

So the people are friendly, the infrastructure and amenities are first-world, and the city and country are safe…

What Are The Downsides To Medellín?

A growing middle class that owns more cars every month and is generating more pollution all the time.

Both the cars on the roads and their exhaust in the air are creating strains in this city at times. Medellín sits in a valley, where traffic pollution can get trapped.

Rain falls throughout the year in Medellín, which helps to clear the air, but some days the pollution can be tough to handle. We understand from friends living in the city that pollution levels are currently high. The hardest hit areas are at the bottom of the valley. Higher up the sides of the mountain has cleaner air.

It’s a growing pain of every large city in the world, and they continue to work on initiatives to address the problem.

When we’re in Medellín, Kathleen and I do our part to help by walking everywhere we can.

While the city is large and spread out, we spend 99% of our time in the zone around our neighborhood, along the Golden Mile. Shopping, restaurants, movie theaters, and parks are all within a 5- to 30-minute walk. It’s one of the things we like most about our El Poblado location.

Some people might complain that nobody in Medellín speaks English. You can find more English-speaking service providers—attorneys, bankers, doctors, etc.—than 10 years ago when Kathleen and I first began focusing our attention here. But you won’t find a large English-speaking local population like you can in Panama City or even Paris.

That’s a good thing for anyone wanting to learn Spanish.

This will continue to change over time, as many locals are taking English classes and English is being taught in schools.

One language school we know that offers both Spanish and English instruction has more locals signed up for English than foreigners signed up for Spanish.

Some who visit Medellín complain that it’s too hot. For me, these folks fall into the category of the guy upset about the toll roads. Go home or stop talking about it.

One of the benefits of it being in the mountains near the equator is that the temperature in Medellín varies only a few degrees year-round. This city’s climate is one of the most predictable you’ll find.

Highs range from the high 70s to the low 80s every day, and the lows rarely fall below 59 degrees. If you think that’s too hot, you should take the city off your list. Don’t move here knowing what the temperature is going to be every day and then complain about what the temperature is every day.

One colleague likes to say that life in Medellín doesn’t have any bugs… and that he’s seen just one mosquito in his almost 15 years living there. While in my experience that’s a bit of an exaggeration, it is true that you won’t find many bugs in Medellín.

The absence of pests and the cool evenings mean that many people simply leave their windows open 24 hours a day. No need for air conditioning.

No air conditioning means a low electric bill, which helps to make Medellín a very affordable place to live.

No place is perfect and certainly Colombia and Medellín aren’t for everyone, but when you clear away the decades of negative propaganda about the narcos and Escobar (who has been dead for more than two decades), you see that Medellín is one of the best places in the world to spend time right now.

Stay diversified,

Lief Simon

Editor, Offshore Living Letter