Some describe it as a European city in South America. Once known for drug trafficking, expats say things have changed and crime is no more a worry in Medellin than any other city of its size.

"Medellin is not so much Latin America as it is European, with its outdoor cafe culture," said Wendy Howarter, who moved there with her husband from Illinois last year.

"But it's at a reduced rate," she said. The couple's monthly budget was about $5,000 at home. Now they spend closer to $2,000.

It's home to five of the top 10 hospitals in South America. Internet is reliable and power outages are rare, usually lasting only a few minutes. But expats say you will need to use your Spanish here.