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.
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.
In Medellin, you’ll 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.
Right now you can rent, for example, 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)
Edit
| Expense |
Monthly Costs |
Notes |
| Mortgage |
– |
|
| HOA Fees |
COP$350,000 |
Variable depending on the building. |
| Property Taxes |
COP$235,000 |
Annual charge. |
| Transportation |
COP$425,000 |
Single ride on the subway: COP$2,550 per person. Average taxi fare: COP$30,000. |
| Utilities (Gas, Water, Electricity) |
COP$225,000 |
Bundled together. There’s no need for air conditioning in Spring City. Price depends on estrato. |
| Cell Phone |
COP$100,000 |
30-day package with data from Claro. |
| Internet |
COP$150,000 |
200 Megas with Claro. |
| Cable TV |
COP$74,000 |
TV Digital Plus plan from Claro. |
| Household Help |
COP$200,000 |
COP$50,000 per week for cleaning. |
| Entertainment |
COP$2,000,000 |
Monthly cost for eating out twice a week: COP$440,000 (COP$15,000 per COP$40,000 per meal).
Monthly cost for drinks twice a week: COP$272,000 (COP$5,000 to COP$8,000 for a beer; COP$25,000 to COP$30,000 for a cocktail).
Movie theater trip twice a month: COP$40,000 (COP$10,000 per ticket). |
| Groceries |
COP$1,750,000 |
Shopping mostly at Éxito. |
| Gym Membership |
COP$225,000 |
One-month membership for two in a local gym. Deals available for longer-term contracts. |
| Medical Appointment |
COP$72,500 |
A basic doctor or dentist visit paying out of pocket. |
| TOTAL |
COP$5,806,500 |
|
Apartment Or House Rental Budget (For A Couple)
| Expense |
Monthly Costs |
Notes |
| Rent |
COP$3,000,000 |
For a furnished one-bedroom apartment in Poblado or Laureles. |
| Transportation |
COP$425,000 |
Single ride on the subway: COP$2,550 per person. Average taxi fare: COP$30,000. |
| Utilities (Gas, Water, Electricity) |
COP$225,000 |
Bundled together. There’s no need for air conditioning in Spring City. Price depends on estrato. |
| Cell Phone |
COP$100,000 |
30-day package with data from Claro. |
| Internet |
COP$150,000 |
200 Megas with Claro. |
| Cable TV |
COP$74,000 |
TV Digital Plus plan from Claro. |
| Household Help |
COP$200,000 |
COP$50,000 per week for cleaning. |
| Entertainment |
COP$2,000,000 |
Monthly cost for eating out twice a week: COP$440,000 (COP$15,000 per COP$40,000 per meal).
Monthly cost for drinks twice a week: COP$272,000 (COP$5,000 to COP$8,000 for a beer; COP$25,000 to COP$30,000 for a cocktail).
Movie theater trip twice a month: COP$40,000 (COP$10,000 per ticket). |
| Groceries |
COP$1,750,000 |
Shopping mostly at Éxito. |
| Gym Membership |
COP$225,000 |
One-month membership for two in a local gym. Deals available for longer-term contracts. |
| Medical Appointment |
COP$72,500 |
A basic doctor or dentist visit paying out of pocket. |
| TOTAL |
COP$8,221,500 |
|
Penny-Pincher’s Budget (Bare Minimum Costs, For A Couple)
| Expense |
Monthly Costs |
Notes |
| Rent |
COP$1,250,000 |
Basic one-bedroom in a local area outside Poblado and central Laureles. |
| Transportation |
COP$125,000 |
Frequent use of free bikes and bus and subway rides, few taxis. |
| Utilities (Gas, Water, Electricity) |
COP$125,000 |
Lower bills if located in estratos 3 to 4. |
| Cell Phone |
COP$30,000 |
3Cheapest monthly plan from Claro. |
| Internet |
COP$75,000 |
Cheapest monthly plan from Claro. |
| Cable TV |
– |
|
| Entertainment |
COP$265,000 |
Monthly cost for eating out twice a week (street food and “menus of the day”): COP$160,000 (COP$8,000 to COP$12,000 per meal.).
Monthly cost for drinks twice a week: COP$105,000 (COP$5,000 to COP$8,000 for local beers). |
| Groceries |
COP$500,000 |
Shopping at local markets and avoiding imported goods. |
| TOTAL |
COP$2,370,000 |
|
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
It’s 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 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.
