Cost of Living in Colombia

The relatively low cost of living is a major attraction for expats considering a move to Colombia. With low taxes and many first-world amenities, Colombia offers expats a high quality of life at a relatively low cost.

As is usually the case, the cost of living in smaller cities or rural areas is lower than in major cities such as Bogotá and Medellín. Services and locally produced goods tend to be affordable, while imported goods are more expensive. According to Mercer's Cost of Living report for 2020, Bogotá, Colombia's capital, ranked 181st out of 209 cities. This is much lower than many other major South American cities including Buenos Aires, São Paulo and Montevideo.

Colombia’s large wealth disparity means it is possible to enjoy a lavish Western lifestyle or to pinch pennies when necessary. Foreign currencies afford expats great purchasing power when compared to the Colombian Peso (COP).

Cost of accommodation in Colombia

Although rent is likely to be an expat’s greatest monthly expense, the cost of housing in Colombia remains affordable. The cost of utilities is also low. Due to the country’s extreme wealth disparity, accommodation can easily be found to suit every budget.

Cost of public 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.

Cost of education in Colombia

The cost of tuition in Colombia can be high, especially at private and international schools. Public schooling is free, but tuition will be in Spanish and may not be up to expat standards. Fees for the top international schools are similar to those worldwide.

Cost of healthcare in Colombia

Although the public healthcare system is generally of a high standard, most expats will opt for private healthcare in Colombia. Expats will find that private healthcare is reasonably priced and the standard of care is generally excellent.

Cost of groceries and eating out in Colombia

Groceries are likely to be one of the larger expenses each month. A number of everyday products need to be imported 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. Buying local products and shopping at local markets, butchers and street stalls will greatly reduce the cost of food.

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 as little as COP 8,000, which includes a bowl of soup, a chicken or meat dish served with rice and salad or plantains, and a fresh juice.