🇱🇻 Cost of Living in Latvia - Prices & Budget Guide
Last updated: February 2026
Verified Facts
Official NameRepublic of Latvia
CapitalRiga
Population1.8 million
Area64,559 km² (24,926 sq mi)
LanguagesLatvian
Currencyeuro (€)
TimezoneUTC+02:00
RegionEurope / Northern Europe
Drives onRight
Source: REST Countries API
Economic Indicators
GDP per Capita (PPP)$43,394 (2024)
Inflation Rate1.3% (2024)
Health Spend per Capita$1,645 (2023)
Out-of-Pocket Health Spend35.1% (2023)
Education Spend (% GDP)4.3% (2022)
Source: World Bank Open Data
Quick Facts
Cost LevelAffordable
Daily Budget (Backpacker)$30-50 USD
Daily Budget (Mid-Range)$60-100 USD
Daily Budget (Comfort)$120-200 USD
CurrencyEUR
Tipping Customnot expected, but 5-10% in restaurants and bars
How Expensive Is Latvia?
Latvia is a relatively affordable country to visit or live in, with prices lower than in many Western European countries. Compared to its neighbors, Latvia is more expensive than Lithuania, but cheaper than Estonia. The cost of living in Latvia is influenced by its location in Northern Europe, with prices for food, accommodation, and transportation being relatively moderate. Overall, Latvia offers a great balance of affordability and quality of life, making it an attractive destination for tourists and expats.
The capital city, Riga, is the most expensive part of the country, with higher prices for accommodation, food, and entertainment. However, even in Riga, prices are still lower than in many other European capitals. Outside of Riga, prices are significantly lower, making Latvia a great option for those looking for a more affordable lifestyle. With its stunning natural beauty, rich culture, and welcoming people, Latvia is an excellent choice for anyone looking to experience the best of Europe without breaking the bank.
Accommodation Prices
Type
Price Range (USD/night)
Notes
Hostel/Budget
$15-30
typical quality, dorms and private rooms available
Mid-Range Hotel
$40-80
what to expect, 3-4 star hotels with standard amenities
Luxury/Resort
$100-200
what to expect, 5 star hotels with high-end amenities
Apartment Rent (monthly)
$200-500
city center, 1-2 bedrooms, prices vary depending on location and quality
Apartment Rent (monthly)
$150-300
outside city center, 1-2 bedrooms, prices are significantly lower
Food & Dining Prices
Meal Type
Price Range (USD)
Street Food / Local Eatery
$5-10
Casual Restaurant
$10-20
Mid-Range Restaurant (2 people)
$20-40
Fine Dining
$50-100
Beer (local)
$3-5
Coffee
$2-4
Water (1.5L bottle)
$1-2
Transport Costs
Transport
Cost (USD)
Local bus/metro ride
$1-2
Taxi (per km)
$1-2
Domestic flight
$50-100
Fuel (per liter)
$1-2
Monthly Budget Breakdown
Category
Budget ($)
Mid-Range ($)
Comfortable ($)
Rent
200
400
800
Food
300
500
800
Transport
50
100
200
Utilities
50
100
200
Entertainment
100
200
400
Total
700
1300
2400
Money-Saving Tips
Consider visiting during the shoulder season (April-May or September-October) to avoid peak tourist prices.
Look for accommodation outside of Riga's city center to save on rent.
Eat at local eateries or try traditional Latvian cuisine, such as Aukstā kāpostu zupa (sour soup) or Rupjmaize (dark rye bread), which are often cheaper and more delicious than Western-style restaurants.
Use public transportation instead of taxis to get around.
Take advantage of Latvia's beautiful nature and outdoor activities, such as hiking or biking, which are often free or low-cost.
Learn some basic Latvian phrases, such as Sveika (hello) or Paldies (thank you), to show respect for the local culture and people.