Cost of Living in Latvia: The Ultimate Guide

Latvia is becoming a popular option for foreign investors who want to explore investing in the European Union. The Latvia Golden Visa has only opened this culturally rich European country to the rest of the globe.

But before you head to the airport, it’s important to understand the cost of living in Latvia. In this guide you will learn about:

• Monthly costs of living in Latvia
• Cost of accommodation in Latvia
• Cost of utilities in Latvia
• Cost of food in Latvia
• Cost for eating at a restaurant in Latvia
• Cost of transport in Latvia
• Cost of healthcare in Latvia
• Cost of education in Latvia
• Cost of living in Latvia for international students
• Cost of entertainment in Latvia
• Cost of living in Latvia vs. other countries

Living Cost in Latvia per Month

The monthly living expenses in Latvia depend on a range of factors, including whether you’re single or have a family. Where you choose to live, and your lifestyle can also impact your monthly costs. Here are some average monthly living costs in Latvia:

Cost of Accommodation in Latvia

The cost of accommodation in Latvia can vary based on a range of factors. This includes where you live and the type of property. Let’s take a closer look:

Riga

Riga is the capital of Latvia with a bustling property market, economic activity, cultural sites, and fantastic restaurants. Renting property in Riga generally carries a higher cost than smaller towns.

The cost of rent in Riga is as follows:

Jurmala

Jurmala is a popular seaside resort town, renowned for its stunning beaches and luxurious spas.

The cost of rent in Jurmala is as follows:

Liepāja

Liepāja, on Latvia’s western coast, is a lively port city with lots of history and culture. It’s a great spot for rental properties, offering everything you need for relaxed coastal living.

The cost of rent in Liepājais is as follows:

Daugavpils

Situated on the southeast of Latvia, Daugavpils is Latvia’s second largest city. It is ideal for those looking for affordable properties in a tranquil area.

The cost of rent in Daugavpils is as follows:

Cost of Buying Property in Latvia

The Latvia Golden Visa is a popular residency by investment program that invites foreign investors to invest in the Latvian economy in exchange for residency. One of the most popular options in the program is real estate investment, with Latvia offering a range of fantastic investment options.

Here are a few examples of the average cost of buying a property in Latvia:

Cost of Utilities in Latvia

It’s not just the price of accommodation to factor in when renting or purchasing a property in Latvia. The cost of utilities is another important aspect to factor in. The cost of utilities in Latvia is as follows:

Cost of Food in Latvia

The cost of food in Latvia can vary significantly based on where you do your weekly shop, the types of items, and where you live. In general, the cost of food in Latvia is significantly less than other countries in western Europe and the US. Let’s take a closer look:

Cost for eating at a restaurant in Latvia

Latvian cuisine is something you have to try, with traditional cuisine comprising of unique dishes.

From pickled fish and bacon filled pastries to decadent soups and mouth-watering desserts, eating out in Latvia is a culinary adventure.

Here are a few examples of the cost for eating at a restaurant in Latvia:

Cost of Transport in Latvia

Knowing the cost of transport in Latvia is important to budget how to get around accordingly. Here are some of the costs for various transportation in Latvia:

Cost of Healthcare in Latvia

Latvia has a national health service that is available to citizens (those with a Latvian passport and residents). Health services are funded through the Latvian tax system, offering free healthcare.

However, like most countries, public healthcare generally has long wait times. That’s why many citizens and foreigners opt for private healthcare in Latvia.

Here are some basic healthcare costs in Latvia:

Cost of Education in Latvia

Latvia offers high quality education at a much lower cost. This is one of the main benefits of obtaining Latvian citizenship for those with children or those looking to further their own higher education and careers.

Most foreign nationals in Latvia choose private international schooling for children between 2-17. After that, it’s time for university, with Latvia offering a range of degrees at various levels. Here are some costs for education in Latvia:

Living Cost in Latvia for International Students

The cost of living in Latvia for international students is significantly less than western European countries and the USA. The most significant cost is for accommodation. Luckily, for students there are a range of options, including student dormitories. For example, a dorm in an old town can be much cheaper than a single bedroom or shared apartments, particularly in bigger cities.

Here is a breakdown for the cost of living in Latvia per month for international students:

Cost of Entertainment in Latvia

Latvia is full to the brim of exciting and fun activities. From exploring ancient ruins and taking fascinating art classes to exploring the gorgeous natural landscapes and going on a culinary adventure, there is no shortage of things to do in Latvia.

Here are some basic entertainment costs in Latvia:

Cost of Living in Latvia vs. Other Countries

Latvia cost of living vs UK

The cost of living in Latvia vs the UK can vary depending on what you’re looking at. The United Kingdom is generally more expensive in terms of rent, education, and other expenses. But when you look at things like food, utilities, and eating out there isn’t as much of a difference. Let’s take a closer look:

Cost of living in Latvia vs USA

The cost of living in the USA vs Latvia is quite significant. While the costs can fluctuate based on the exchange rate, the difference in cost between these two countries is evident in all sectors. Let’s take a look:

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Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments. 

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Frequently Asked Questions About the Cost of Living in Latvia

What is the Latvia average salary?

The average salary in Latvia in 2024 stands at about €1,200 per month. It’s important to know that there are job opportunities in Latvia in the IT, engineering, and construction sectors.

How much is the rent in Latvia?

Rent in Latvia can range based on the area and property type. Rent in Latvia ranges between €250-€1,400.

Is Latvia a cheap place to live?

Latvia is relatively cheap to live compared to Western European countries and the US, with items like rent and healthcare costing significantly less.

How much do you need to live in Latvia?

For a single person to live comfortably in Latvia they will need about €806 per month without rent. For a family of four this increases to €2,691 without rent.

How much is an average meal in Latvia?

The average meal at an inexpensive restaurant in Latvia is around €10. For a three-course meal for two at a mid-range restaurant you can expect to pay anywhere from €55.

What is the average cost of living in Latvia for international students?

The average cost of living for international students in Latvia is generally between €600-€850 per month depending on accommodation, lifestyle and individual circumstances.

How does the cost of living in Latvia compare to the UK?

Latvia offers a cheaper cost of living compared to the UK. Including rent, Latvia is 37.2% cheaper than the UK. For accommodation in the UK, you can pay double or triple for the same type of accommodation in Latvia. However, food prices and eating at restaurants are quite similar in price.

Is the cost of living in Latvia lower than in the USA?

Yes, the cost of living in Latvia is 87% lower than in the US including rent. Excluding rent, it is 47.8% lower in Latvia than in the USA.