Iceland vs Latvia - Cost of Living Comparison

Updated:

Livingcost

Iceland Latvia
🚶 Cost of living one person
$2518
$1069
👨‍👩‍👧‍👦 Cost of living Family
$5339
$2640
🏠 One person rent
$1478
$516
🏘️ Family rent
$2369
$862
🍽️ Food expenses
$761
$372
🚐 Transport expenses
$83.9
$63.7
💳 Monthly salary after tax
$3501
$1129
💸 GDP per capita
$73467
$21780
😃 Human freedom index
8.73
8.45
❤️ Life expectancy
83.1
73.3
👮 Corruption perceptions index
72
60
🌐 English speaking %
98%
45.9%
🎓 Higher education
81
72
😀 Quality of life
92
72
🏙️ Population
364K
1.88M

The average cost of living in Iceland ($2518) is 136% more expensive than in Latvia ($1069). Iceland ranked 5th vs 71st for Latvia in the list of the most expensive countries in the world.

The average after-tax salary is enough to cover living expenses for 1.4 months in Iceland compared to 1.1 months in Latvia. Ranked 10th and 41st best countries to live in the world.

Salary adjustment calculator
the estimated difference in money purchasing power

Cost of living in Iceland vs Latvia infographic

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Prices in Iceland vs Latvia

We calculate prices for Iceland and Latvia as a population-weighted mean of 5 and 10 cities, respectively. Since large cities tend to have a higher cost of living, it's better to visit specific city pages below for more relevant information.

Iceland Latvia
Eating Out
🍱 Lunch Menu
$20.7
$9.53
🥂 Dinner in a Restaurant, for 2
$114
$51.6
🥪 Fast food meal, equiv. McDonald's
$16.8
$7.31
🍻 Beer in a Pub, 0.5 L or 16 fl oz
$10.2
$4.51
 Cappuccino
$4.88
$3.24
🥤 Pepsi / Coke, 0.5 L or 16.9 fl oz
$2.72
$1.59
Rent & Utilities
🏙️ 1 bedroom apartment in Downtown, 40 m2 or 430 ft2
$1510
$468
🏡 Cheap 1 bedroom apartment, 40 m2 or 430 ft2
$1318
$289
🏙️ 3 bedroom apartment in Downtown, 80 m2 or 860 ft2
$2409
$759
🏡 Cheap 3 bedroom apartment, 80 m2 or 860 ft2
$2171
$529
🔌 Utility Bill one person, electricity, heating, water, etc.
$53.6
$175
🔌 Utility Bill for a Family, electricity, heating, water, etc.
$82.3
$270
🌐 Internet plan, 50 Mbps+ 1 month unlimited
$68.4
$16.6
🏦 Mortgage Interest Rate for 20 Years
6.82%
4%
🏙️ Apartment price to Buy in city Center, 1 m2 or 10 ft2
$5442
$2345
🏡 House price to Buy in Suburbs, 1 m2 or 10 ft2
$4321
$1494
Transportation
🚌 Local transport ticket
$4.09
$1.34
🎟️ Monthly ticket local transport
$66.7
$34.5
🚕 Taxi Ride, 8 km or 5 mi
$26.1
$9.73
 Gas / Petrol, 1 L or 0.26 gal
$2.25
$1.78
Groceries
🥛 Milk, 1 L or 1 qt
$1.62
$1.26
🍞 Bread, 0.5 kg or 1.1 lb
$3.64
$1.33
🍚 Rice, 1 kg or 2.2 lb
$3.19
$2.32
🥚 Eggs, x12
$5.89
$2.77
🧀 Cheese, 1 kg or 2.2 lb
$14.9
$10.7
🐔 Chicken Breast, 1 kg or 2.2 lb
$18.5
$7.06
🥩 Round Steak, 1 kg or 2.2 lb
$29.5
$11.3
🍏 Apples, 1 kg or 2.2 lb
$2.99
$1.52
🍌 Banana, 1 kg or 2.2 lb
$2.16
$1.75
🍊 Oranges, 1 kg or 2.2 lb
$2.74
$2.21
🍅 Tomato, 1 kg or 2.2 lb
$4.51
$3.11
🥔 Potato, 1 kg or 2.2 lb
$2.86
$0.84
🧅 Onion, 1 kg or 2.2 lb
$1.83
$0.99
🌊 Water, 1 L or 1 qt
$1.33
$0.56
🍹 Coca-Cola / Pepsi, 2 L or 67.6 fl oz
$2.53
$2.13
🍾 Wine (mid-priced), 750 mL bottle
$19.4
$8.21
🍺 Beer, 0.5 L or 16 fl oz
$3.03
$1.63
🚬 Cigarette pack
$11.7
$4.9
💊 Cold medicince, 1 week
$11.6
$7.44
🧴 Hair Shampoo
$5.23
$5.23
🧻 Toilet paper, 4 rolls
$4.66
$2.1
👄 Toothpaste, 1 tube
$3.24
$2.76
Other
🏋️ Gym Membership, 1 month
$62
$41.1
🎫 Cinema Ticket, 1 person
$14.4
$10.2
👩‍⚕️ Doctor's visit
$82.9
$46.5
💇 Haircut, simple
$37.3
$15
👖 Brand Jeans
$106
$77.8
👟 Brand Sneakers
$144
$89
👶 Daycare or Preschool, 1 month
$245
$436
🏫 International Primary School, 1 year
$6038
$13543

Cost of living in other countries

Cost of living

Cities Comparison in Iceland vs Latvia

More countries to compare

Cost of Living in Popular cities

In Iceland

City Cost of living Population
Reykjavik
$2723
140K
Kopavogur
$2304
39.8K
Hafnarfjorur
$2460
30.6K
Akureyri
$2011
19.9K
Keflavik
$2023
16.5K

In Latvia

City Cost of living Population
Riga
$1135
606K
Daugavpils
$864
79.1K
Jelgava
$827
54.7K
Liepaja
$976
67.4K
Jurmala
$1362
50.6K
Ventspils
$893
33K
Jekabpils
$927
21.4K
Valmiera
$860
22.8K
Rezekne
$831
26.5K
Ogre
$1088
22.9K