While prices vary quite a bit from a big city like Medellin or Bogota compared to smaller cities like Manzales or Pereira, no doubt for Americans visiting or living in Colombia, the cost of living is about 1/3rd the cost in the US.
With its low cost of living, Colombia is one of the best options for anyone who wants to get the most out of life while managing to keep their monthly expenses under control. Colombia has so much to offer as a long-term residence—the economy is growing, and business sectors like internet providers and airlines are giving residents more options for their purchases. Retirees who move to Colombia can travel freely while accessing utility services like Wi-Fi, electricity, and drinkable water at an affordable price.
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.
Here's a great article from International Living.
https://internationalliving.com/countries/colombia/cost-of-living-in-colombia/
