Numbeo.com estimates that the cost of living in Iceland is 31.97% higher than in the US. Iceland's rental costs, on the other hand, are 19.10% lower than in the US. And so, economically speaking, there are pros and cons to living in both places.
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Europe is cheaper than the U.S. based on variables such as prices of goods and services, exchange rates, and market conditions. Several quantitative indicators verify that Europe is cheaper, yet some important factors account for higher costs in some circumstances.