Cost to Live in Colombia

Publications like International Living generally give readers a cost of living range for each country as a part of how they rank countries in terms of which are the best for retirees.

You can assume a lot from the required minimum income for a retirement type visa. In Colombia, you only need about $900 per month. The governments don't want you becoming a liability for them. So they set the minimum for a retirement visa at a comfortable level. This is really important when you are comparing places to live. This number cuts through all the BS.

Here is a very safe monthly budget for a retired couple...use say a 20 % variance either way depending on the city and your lifestyle.

For example, I use $2,800,000 COP for rent. Well that could be say 20 % higher in Medellin or even 20 % lower in Manizales or Pereira. A friend of mine just rented a 3 bed 2 bath newer townhouse in a great area of Manizales (La Florida) for $2,800,000 COP including administration (HOA).

I was very generous on food....with 1,200,000 per month you will be eating good in the neighborhood.

Colombia comes in as the 10th best country to retire in 2024 according to International Living. Not bad really when you consider how many countries there are in the world.

Is Colombia safe ? Put it to you this way. International Living is considered the premier guide for people looking to live in other countries around the world. While I have some issues with their scoring and methodology, IL would not risk their reputation recommending Colombia in the Top 10, if it was not safe. Like any country, including the USA, there are places you don´t go.

We think IL makes some significant errors. For example, they take the scores from the 7 categories and simply add them up and divide by 7 to get a simple average.

For most retirees, cost of living and healthcare are by far the most important criteria and should be given greater weight. 

IL gets it right by saying the cost of living score for Colombia is 98 versus Costa Rica (76), Portugal (79), Mexico (84) and Panama (77)...but Colombia´s 98 should be given much greater weight. If you are living on just your Social Security like about 28 million Americans, cost of living is a BIG issue.

The other big IL error is healthcare. Colombia´s healthcare is consistently ranked No 1 by América Economía every year with 20+ Colombia hospitals ranked in the top 60 and 5 in the top 10. No other country comes close. IL only gave Colombia a score of 83 versus Costa Rica with an 89. Ridiculous. Colombia has over 30 internationally accredited hospitals located throughout the country as well as countless excellent, super modern clinics for dental, eye, heart, cancer, plastic surgery, orthopedics and virtually every specialization...and the prices are very low (about 1/3rd the cost in the US); lower than Costa Rica, Panama or Mexico and you will receive amazing loving care.

So how much do you need to make each month to have a descent standard of living in each of these countries ?

In their latest ranking here's what they say about each country. I suggest you add at least 25 % to these numbers to be safe.

Below I also provide you with info from numbeo.com, the largest cost of living data base in the world so you can get real live apples and apples comparisons.

No 10 Colombia - as little as $1,000 per month in Manizales, Bogota, and Pereira, and $1,500 to $2,000 in Medellin and Cartagena. 

No 9 France - In lower cost-of-living spots, the average monthly budget for France is around $2080 to $2680. IL doesnt dare tell folks how much it costs to live in or near Paris.

No 8 Malaysia - no estimate given but Malaysia is budget friendly. 1/3 to 1/5th the cost in the US.

No 7 Greece - The cost of living in Greece hovers between 30% and 50% below the cost of living in the United States, keeping everyday expenses relatively low.  In Greece, you have to have $2,000 per month plus another 20 % for your spouse. 

No 6 Ecuador - The low cost of living throughout the country is also one of the main draws for expats, as is the fact that Ecuador uses the US dollar as its currency. A couple can get by very comfortably on $2,000 to $2,500 per month, with enough left over to spend on travel, while a single person may only need around $1,500.

No 5  Spain - A comfortable lifestyle can be sustained with a monthly budget ranging from $2,000 to $3,000. However, the cardinal rule of real estate holds true: location matters. In major hubs like Madrid or Barcelona, the cost of living can escalate, particularly in terms of accommodation

No 4 Panama - Panama’s government will make you feel welcome, too. The Pensionado visa makes it a cinch to move here if you have a monthly pension of at least $1,000. I will provide you additional info on this. 

No 3 Mexico - No cost of living estimate is provided but the requirements are heavy duty. $3,559 per month....

No 2 Portugal - Most expats retire to Portugal nicely on about $3,000 a month, depending on lifestyle and whether they own or rent.

No 1 Costa Rica - Once again, IL does not provide an estimated cost of living. To qualify for the Pensionado Visa, you must receive a lifetime monthly pension of at least $1,000 individually. This can be through social security, annuities, retirement funds, military pensions, or other retirement benefits. I have lived twice in Costa Rica over the past 18 years. You can not live in San Jose for $1,000 a month. Maybe you can live like a hippie in the mountains or on the coast for $1,000 a month. 

Just the Facts Please !

Ok, let's look at what Numbeo.com , the largest cost of living data base in the world, says. Here is each of IL´s top 10 countries to retire ranked based on the Cost of Living Index (COLI) Numbeo calculates using real data from real people living in these countries.

What does COLI mean ? Colombia has a COLI of 27.6 versus Costa Rica (53.0). For example, if you went to the grocery store in Colombia and spent $27.60 (USD) . Those exact same groceries would cost you $53.00 in Costa Rica. Twice as much ! 

• Colombia 27.6 (the 12th lowest cost of living country in the world)
• Malaysia 32.3
• Ecuador 34.2
• Mexico 42.4
• Portugal 46.1
• Panama 48.2
• Spain 49.9
• Costa Rica 53.0
• Greece 53.2
• France 69.1

Just for reference, here are a few more COLI´s.

• USA 74.2 (triple Colombia´s)
• Canada 68.0

Comparing Monthly Cost to Live

Ok, let's look at what Numbeo.com, says comparing the cost in selected cities. Numbeo has a cool option. You can enter where you live now and compare to any city in the world...and see the how much you need to live in both assuming you rent in both.

Understand when Numbeo says you need say $2,300 in Medellin to have the same lifestyle you would need say $6,200 in Orlando or $7,500 in Miami, that does NOT mean you need $2,300 in Medellin to live a quality life. Most retirees relying on Social Security for all or most of their income do not spend $6,200 per month.  See Budget above.