Cost of Living in Colombia

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The relatively low cost of living in Colombia is a major attraction for expats. Low taxes and the availability of first-world amenities make this South American gem a great pick if you are looking for a high quality of life without too many major expenses.

The cost of living in one of Colombia's smaller cities or rural areas is lower than in major cities such as Bogotá and Medellín. Services and locally produced goods are affordable, while imported goods are more expensive. Mercer's 2024 Cost of Living Survey ranked Bogotá, Colombia's capital, 174th out of 226 cities. This ranking is much lower than many other major South American cities, including Buenos Aires, Argentina (77th), Montevideo, Uruguay (42nd), and even São Paulo, Brazil (124th).

Colombia's significant wealth disparity means that if you earn in a higher bracket, you can enjoy a lavish Western lifestyle, but pinching pennies when necessary is also possible. Foreign currencies afford you great purchasing power compared to the Colombian Peso.

Cost of accommodation in Colombia

Although rent is likely to be your most significant monthly expense, the cost of accommodation in Colombia remains affordable. You should note that, while the cost of accommodation in Colombia is steadily rising as its economy develops, you are still likely to find a range of options to suit your budget, particularly if you earn in a foreign currency.

Most people settle in houses or apartments in one of the few middle-to upper-class neighbourhoods in Bogotá and Medellín. If you are single or on a budget, you may opt for a houseshare or flatshare to save on rent.

Cost of transport in Colombia

The cost of travel in Colombia is on par with other South American countries. Within the cities and smaller towns, taxis, motorcycle taxis, and buses are ubiquitous and cheap. Regional buses and domestic flights are also reasonable.

If you choose to purchase a car, you may need to hire a driver, as driving standards in the country are poor. Liability insurance also adds to the cost of car ownership in Colombia.

Cost of groceries and eating out in Colombia

Groceries are likely to be one of your more considerable expenses each month. Several everyday products need to be imported into Colombia and are thus relatively expensive. Shopping at one of the large grocery store chains, such as Éxito or Jumbo, allows for a better selection but at a significantly higher cost. On the other hand, buying local products and shopping at local markets, butchers, and street stalls will substantially reduce the cost of food.

Cost of entertainment and eating out

The cost of eating out will vary greatly depending on the neighbourhood and type of cuisine. Most cities and towns offer a variety of restaurants to suit any budget. The cost of eating out and drinking out in Western-style bars and restaurants can be moderate to high in price.

In Colombia, lunch is the primary meal of the day. Local neighbourhood restaurants typically serve a set menu (menú del día) for a low price, including a bowl of soup, a chicken, or meat dish served with rice and salad or plantains, and a cup of fresh juice.

Cost of education in Colombia

The cost of education in Colombia can be high, especially at private and international schools. Public schooling is free, but tuition will be in Spanish and may not meet your standards.

Most private educational institutions are either bilingual, teaching both English and Spanish, or international, with a foreign curriculum. As tends to be the case worldwide, fees for the top international schools are high in return for a world-class education.

Cost of healthcare in Colombia

Although the public healthcare system in Colombia is generally of a high standard, you may opt for private healthcare. Private healthcare is reasonably priced and the standard of care is primarily excellent. This level of affordability and quality has led to Colombia becoming a medical tourism destination.

All Colombian residents are required to take out insurance with one of two national health schemes, depending on income. You may also take out additional private medical insurance to increase your coverage for specialist care or long-term illnesses.