I have a cheap VPS for non latency-sensitive stuff, and I just noticed that a ping to returns 15ms more than 1.1.1.1 (for instance). I'm wondering if you can get a cheap VPS with a good latency.
The latency depends on the geographical location (well, network location but geographical is a good proxy most of the time) of the VPS more than anything else. Buy closer if you want it lower.