By William Schwind
December 2023
- The low cost of living coupled with a surprisingly high standard of living, makes Colombia a potential lifesaver, literally, for people struggling to get by in the US.
- And Colombia is not just for those in the lower income group. If you have monthly income of $5,000 or more and can live and work remotely, Colombia offers you a standard of living you could never afford in the US.
Let´s look at the facts. About 40 % of the 70 million people on Social Security rely on their monthly check for 100 % of their retirement income. With the 3.2 % pitiful increase for 2024, the average single person will get about $1,900 per month; a married couple with both receiving benefits will get close to $3,000. It´s very difficult to live a quality life on this small amount of money even if you own your own home free and clear.
Seniors have borne the brunt of inflation which raged to a 40 year high in the last couple years. Rent, utilities, food, gasoline, healthcare insurance and basic drugs. Those of us living on just SS know these government stats showing only a 3.2 % increase in 2023 are a lie.
According to numbeo.com, the largest crowdsourced cost of living data base in the world, Colombia is the 12th lowest cost of living country. Numbeo uses a Cost of Living Index (COL) for each country so you can compare.
For example, Colombia´s COL is 27.6. The USA´s COL is 74.2 making it the 12 MOST expensive place to live in the world.
So a ¨basket of groceries¨ which costs $27.60 in Colombia wll cost you $74.20 in the USA. Numbeo lets you compare all kinds of things like rent, utilities, internet, cell phone, restaurants, etc.
For example, if you live in Orlando, Florida, one of the most popular retirement areas, You would only need around $2,273 (8,956,610 Col$) in Medellin to maintain the same standard of life that you can have with $6,200 in Orlando, FL (assuming you rent in both cities).
You can use this ¨Rule of Thumb¨. Almost anything in Colombia will be about 1/3rd the cost in the USA.
Let´s look at housing.
The average (typical) home in Orlando costs about $375,000 for 1,600 SF or $234 per SF. The real estate taxes for this home will be about $300 per month plus homeowner´s insurance ($180 / mo) and HOA ($350/mo). Plus utilities, cable, internet, maintenance, etc. It all adds up quickly.
Colombia is on the metric system so we use meters. A 1,600 SF is about 150 m2. The current price for a nice home or apartment in a gated communitry or apartment complex with nice amenities is $5 to 8 million Colombian pesos per m2.
So 150 m2 at $5 milliones = $750 milliones ($192,000 usd)… At 8 milliones = $1,200 milliones ($307,000 usd). Figure, $250,000 on average. $125,000 less.
And this home in Colombia is probably going to be A LOT nicer and newer and in a better neighborhood than the ¨average¨ home in the US.
Even more importantly, your monthly ownership and operating costs are going to be much less in Colombia.
This chart is just an estimate of the monthly costs for 2 adults. It is very generous meaning you aren´t just getting by. You are living big.
The expenses assume you own so that the rent estimate would be actually higher because the landlord is paying the HOA (admin, real estate taxes, insurance and maintenance). But of course you would eliminate those costs from the ¨Total if you own.¨
CLICK Link Below:
Monthly Cost of Living Colombia
Moving here is a lot easier than you might think. A Retiree, Investor or Digita Nomad visa is quick and easy to get and low cost with some of the easiest requirements in the world.
We have the best healthcare in all of Latin America with 20+ hospitals ranked in the top 60 and five in the top 10. We have 30+ internationally accredited hospitals located all over Colombia even in relatively small towns like Manizales.
About Us
Medellin Wellness (MW) is a new start-up company based in Medellin and Manizales with the mission of helping people improve their lives physically, mentally and financially by taking advantage of the low cost, high quality of living and healthcare in Colombia.
MW offers 30 night ¨Get to Know Colombia¨ tours starting at only about $1,500 per month for 2 adults. The price includes 30 nights at Rio Verde Living Suites, a 90 room deluxe all suites hotel located in chic Rio Negro about 20 to 30 minutes from Medellin. This 30 nights gives you plenty of time to see first hand the amazing low cost of living and high quality of life in Colombia.
Rio Negro is home to Medellin´s international airport and Hospital San Vicente, a super modern, internationally accredited 450 bed hospital ranked as the 16th best hospital in all of Latin America.
Through its network of hospitality, healthcare and real estate professionals, MW offers seminars, excursions and medical treatments. You have plenty of time to learn about living in Colombia, explore the fabulous museums, parks, restaurants, nightlife, shopping centers and things to do.
The savings from even one medical procedure, can pay for your entire trip !
For more info, contact us at:
Website: https://medellinwellness.co
William Schwind, Co-Founder and Dreammaker
enjoytraveldirect@gmail.com
57 304 201 3535