Cost of Living & Prices in Bogota: rent, food, transport (2024)

FAQs

Cost of Living & Prices in Bogota: rent, food, transport? ›

The cost of living in Bogota is generally considered to be quite affordable compared to other major cities, particularly when it comes to housing. The average monthly rent for a one-bedroom apartment in the city centre is around $450 USD, while outside the centre they can run anywhere from $300 to $400 USD per month.

The cost of living in Bogota is generally considered to be quite affordable compared to other major cities, particularly when it comes to housing. The average monthly rent for a one-bedroom apartment in the city centre is around $450 USD, while outside the centre they can run anywhere from $300 to $400 USD per month.

Cost of Living in Colombia

In terms of living costs, one person ideally needs a minimum of 673 USD per month to live comfortably in Colombia. In bigger cities Bogotá and Medellín, the rates are higher at 815 USD per month and 821 USD per month, respectively.

While meal prices in Bogota can vary, the average cost of food in Bogota is $14 (CO$51,762) per day. Based on the spending habits of previous travelers, when dining out an average meal in Bogota should cost around $5.42 (CO$20,705) per person. Breakfast prices are usually a little cheaper than lunch or dinner.

At the current exchange rate, $50 is the equivalent of around 150,000 COP, so you have a fairly generous budget that should allow you to sleep, eat and see plenty of the sights.

Compared to cities in the U.S., Australia, Canada, and many parts of Europe, you can expect to find more affordable living in Colombia and see low monthly expenses in 2023, averaging between $1,000 and $2,000.

The lowest average salary in the country is 1,190,000 COP (269.07 USD), while the highest average salary is 20,900,000 COP (4,725.60 USD). In Bogota, the center of the economic and industrial sector, the city's average salary is 5,420,000 COP (1,224.68 USD) per month.

In Colombia the numbers are different. A household can be considered middle class if it earns between US$300 and US$850 per month, which is US$10 and US$29 per day. Any household earning anything more that this is considered high class and will be located on the top 10% of the richest in Colombia.

The top 1% in Colombia earn 246 million pesos per year, which is about $74,000 USD.

Colombia's social classes

Between $195 and $970 (COP600,000 and COP3 million) is considered middle class; Above $970 (COP3,000,000) is considered upper class.

Does Bogota accept US dollars? ›

The official currency in Colombia is the Colombian Peso (pronounced 'pay-so') and in contrast to many of its neighbours, the US dollar - although widely exchanged - really is not generally accepted as money in Colombia at all, so you'll be using pesos throughout your holiday in Colombia.

The Colombian currency is the Colombian peso. Make sure to bring some Colombian currency with you, as well as US dollars. That way, if you're at a small shop that doesn't take credit cards, you will have some cash already on hand. US dollars, Euros, credit cards, and debit cards are widely accepted in Colombia.

1 USD = 3,919.87255 COP Apr 21, 2024 03:24 UTC.

In early 2020, one U.S. dollar was the equivalent of COP$4,000. Most banks in Colombia do not exchange money. For that, you'll have to go to a money exchange, located in all major cities.

Summary: Is $100 A Lot Of Money In Colombia? As you can see, $100 is definitely considered to be a large sum of money in Colombia. For general day-to-day expenses such as food and drink and travel, $100 will go far while spending time in this country.

Colombian Currency

COP$1,000,000 isn't enough to buy a house in Colombia, but it will usually cover a few nights in a nice hotel! Bills in Colombia are in denominations of $1,000, $2,000, $5,000, $10,000, $20,000, $50,000, and $100,000.

You won't actually need a cedula (Colombian ID) or a visa to rent an apartment in Colombia. In fact, a passport should be all you need in terms of personal identification. You may also be required to show a proof of income, possibly for a certain amount that may be stipulated by the letting agency.