Mexico is the cheapest country for Americans to visit right now, according to a travel cost analysis of 20 countries released Wednesday by travel rewards research firm RewardExpert.com. The company analyzed the price of restaurant meals, coffee and beer, a basket of groceries, local transit, recreation, shopping and accommodations – it averaged the cost of a hotel and an AirBnB – to calculate costs.
What makes Mexico so cheap right now? It has the cheapest AirBnBs (average of $42 per night) and shopping ($32 for a summer dress in a chain store, $40 for brand-name jeans) of any country on the list, and dinner and drinks for two average just $21.94 (that’s third cheapest). That’s all helped along by the fact that since 2016, the Mexican Peso has become 0.6% less valuable relative to the U.S. dollar, “making that night out even cheaper,” the report reveals.
If you go all out for a day in Mexico — dining out with drinks, shopping for clothes, buying groceries, hitting a movie, and more — you can expect to spend roughly $400, including your accommodations. And you and easily spend way less by avoiding shopping, meals out and more.
3 cheapest countries to stay in right now
Meanwhile, Iceland travelers may find that a day in Iceland is the most expensive. This is thanks, in part, to “an incredible rebound in the Icelandic Krona” the report notes, which has boosted its value against the U.S. dollar by 19.6% since 2016. Indeed, if you let your spending go wild in Iceland – shopping, eating out and more — RewardExpert.com estimates that you could spend more than $1000 in a day.
3 most expensive countries to stay in right now
That’s thanks in large part to to high restaurant prices (a three-course meal for two at a mid-range restaurant might cost you $120); because of its somewhat remote location, dining out is roughly 20% more than any other country on the list. Shopping will also cost you: Clothing is super pricey (jeans that are roughly the equivalent to a pair of Levis jeans costs $170; a summer sundress at a chain costs $93).
What’s more, these prices don’t even include the cost of the flight to get to and from the place. But there’s good news for those hoping to go to Iceland. Airlines like Wow often offer great deals there (some one way flights from New York, Chicago and other cities to Reykjavik are priced at $150 on Wow currently).