If you’re dreaming about living abroad in 2026, there’s a good chance two cities have crossed your radar:
Lisbon, Portugal.
Medellín, Colombia.
Both are expat favorites. Both show up in “best places to live” lists. Both offer great food, strong culture, and a lively international community.
But here’s the question that matters:
Which one makes more sense financially — and emotionally — for the life you’re trying to build?
Because living abroad isn’t just about vibe.
It’s about math.
And sometimes the math changes the story.
Let’s break this down the way we actually should — real costs, real wages, real trade-offs.
The Cost of Living: Where the Numbers Start Talking
Lisbon: European Comfort, European Pricing
Let’s start with Lisbon.
If you’re a single expat in 2026, here’s what you’re realistically looking at:
Living expenses (excluding rent): around €740–753 per month (~$870).
One-bedroom apartment in central neighborhoods: around €1,500/month (~$1,600+).
Total monthly cost including rent: €1,650–1,950 (~$1,800–2,100 depending on lifestyle).
That’s for one person.
For a family of four (excluding rent), you’re looking at:
€2,045–2,640/month (~$2,200–2,800)
And that’s before housing.
Now here’s where it gets interesting.
The average local net income in Lisbon sits around:
€1,270/month (~$1,372).
That means a single central one-bedroom can cost more than the average person earns.
That wage-to-rent ratio is one of the most strained in Western Europe — and it’s fueling real social tension. Rent inflation has outpaced salaries for years. Regulations are tightening. Short-term rentals are under scrutiny.
Lisbon is beautiful.
Lisbon is stable.
Lisbon is European.
But Lisbon is no longer “cheap Europe.”
Medellín: Spring Weather, Softer Pricing
Now let’s shift continents.
In Medellín, the numbers feel very different.
For a single expat in 2026:
Living expenses (excluding rent): ~US $550/month.
One-bedroom apartment in popular areas like Laureles or El Poblado: ~$480/month (standard units).
Comfortable expat lifestyle including rent: around $850–900/month.
Luxury units? Sure, they exist — $700 to $1,200 if you want modern high-rises with amenities.
But the baseline cost structure is dramatically lower.
Local baseline cost of living for residents: roughly $577/month.
Which means expats typically spend more than locals — but still far less than in most European capitals.
For a family of four (excluding rent), total expenses approach:
COL $12.7 million (~$3,300).
That’s not ultra-cheap, especially if you’re choosing private schools and higher-end neighborhoods — but it’s still competitive compared to Western Europe.
Lifestyle Differences: What You’re Actually Paying For
Lisbon’s Advantages
Lisbon gives you:
EU freedom of movement.
Public healthcare access.
Modern transit infrastructure.
High safety levels.
European education systems.
Political stability.
Easy access to the rest of Europe.
You’re paying for predictability.
You’re paying for institutional strength.
You’re paying for being inside the European Union.
And for some people — especially families thinking long-term — that matters more than monthly savings.
Medellín’s Advantages
Medellín gives you:
Eternal spring weather.
Lower cost of living.
Strong expat community.
Growing digital nomad infrastructure.
Modern malls, private healthcare, reliable internet.
Accessible domestic travel.
A surprisingly livable urban rhythm.
You’re paying less — but you’re not sacrificing comfort.
You’re trading EU access for affordability and climate.
And for retirees, remote workers on fixed incomes, or entrepreneurs bootstrapping projects, that trade can make sense.
The Emotional Side of the Equation
This is where most comparisons get lazy.
They turn into:
“Europe vs. Latin America.”
“First world vs. developing.”
That’s not helpful.
Here’s what actually matters:
In Lisbon:
You may feel secure — but financially stretched.
You may love the culture — but resent the rent.
You may gain EU residency — but sacrifice disposable income.
In Medellín:
You may feel freer financially.
You may enjoy a higher lifestyle-to-cost ratio.
You may need to navigate Spanish more actively.
You won’t get EU mobility — but you’ll likely get more breathing room in your budget.
The Wage Reality
This part is critical.
In Lisbon:
Local wages are struggling to keep up with rent.
Housing pressure is a real political issue.
Expats are increasingly part of that conversation.
In Medellín:
Cost of living is lower.
But expats still spend significantly more than locals.
Gentrification concerns exist — but housing pressure isn’t at Lisbon’s level (yet).
Understanding how your income fits into the local wage context matters.
Are you earning:
U.S. dollars?
Euros?
Remote income?
Local salary?
Your earning source changes everything.
Who Lisbon Makes Sense For
Lisbon works best for:
Families seeking EU education access.
Professionals planning long-term European residency.
Investors pursuing residency pathways.
People prioritizing stability over savings.
Those who want cultural proximity to the U.S.
You should expect to budget:
$1,800–2,100 per month for a comfortable single lifestyle.
And more if you want premium neighborhoods.
Who Medellín Makes Sense For
Medellín works best for:
Retirees on fixed incomes.
Remote workers earning foreign currency.
Entrepreneurs building projects.
People who value lifestyle flexibility.
Those comfortable living outside Europe’s regulatory umbrella.
A single person can realistically live comfortably around:
$850–1,200 per month depending on housing.
And that margin matters.
Infrastructure & Quality of Life
Let’s address the elephant in the room.
Is Medellín “as developed” as Lisbon?
No.
But it doesn’t need to be.
Medellín’s:
Metro system is efficient.
Private healthcare is strong.
Internet is reliable.
International flights are accessible.
Digital nomad services are growing.
Lisbon still wins on:
Institutional depth.
Transit coverage.
Passport strength (if you’re pursuing residency).
Broader global integration.
But Medellín wins on:
Cost-to-comfort ratio.
Climate consistency.
Financial flexibility.
The Big Picture: What Are You Optimizing For?
This isn’t a “better city” debate.
It’s a strategy question.
Are you optimizing for:
European integration?
Long-term citizenship pathways?
Family stability?
Cultural alignment?
Lower burn rate?
Financial runway?
Lisbon optimizes stability and EU access.
Medellín optimizes affordability and lifestyle fluidity.
The Honest Summary
If you want Europe and can afford Europe:
Lisbon is powerful.
If you want breathing room, weather, and value:
Medellín delivers.
Both cities are vibrant.
Both have strong expat communities.
Both offer livable infrastructure.
But one costs almost double the other for a comparable single lifestyle.
And that gap is not small.