Living in Mexico: How Much Does It Cost?
Living in Mexico: How Much Does It Cost?
Mexico is an increasingly popular destination for international house-hunters, digital nomads, retirees, vacationers and world travelers, and it’s no wonder why!
With a sunny climate, an amazing culture and a relatively low cost of living, Mexico is the perfect getaway for short trips, and an even better place to make your new home.
But how much does it cost to live in Mexico exactly? Is it really as affordable as people say? Let’s find out!
What Part of Mexico Matters
Mexico is a large country, so when someone asks how much it costs to live there, the first question you should ask is: “Where in Mexico are you moving?” As with any country, if you move to a densely-packed urban area, it will likely cost you more in rent (or mortgage costs) than if you were to settle somewhere out of the way.
If, for example, you were interested in buying a vacation home in Tulum or buying a condo in Cancun, you might expect to pay a little bit more for rent or mortgage than if you were to choose a house of similar size in a rural area, far away from the hustle and bustle of more popular cities and towns that are closer to airports, amenities, beaches and tourist areas.
However, the good news is that no matter where you live in Mexico (even in or near Cancun), you’ll probably be pleasantly surprised to find out that most costs, on average, are much lower than in other major North American or European cities.
Find More Bang For Your Buck in Mexico
According to Numbeo’s Cost of Living Calculator, it costs approximately half as much to live in Cancun than it does in Montreal, and the savings increase exponentially when comparing costs to larger cities like New York, Chicago, Vancouver, Boston or London.
The calculator above takes a number of factors into account when producing its estimates, including the cost of:
- Consumer goods
According to the calculator, if your normal monthly costs in New York City were just over $8,000, you could maintain a similar lifestyle in Cancun for just $2,200 USD per month. That’s a savings of almost 75%! And the same great cost savings apply to almost any other city outside of Mexico.
For example, rent in Cancun is 79% less than it is in London, England. You can buy a cheap restaurant meal in Boston, Massachusetts for $20, but in Cancun it would cost you less than $8. In Los Angeles it might cost you about $65 per month for internet access, but in Cancun the cost is much closer to $25, which represents savings of 60%. And the list goes on.
The point is whether you’re living in Canada, the United States, France, England, Ireland or Germany, you’ll be very pleasantly surprised at how far you can stretch your money when you move to almost anywhere in Mexico.
Many people find they can live well by spending less than $1,000 per month, everything included, although this will vary depending on your lifestyle.
The Peso’s Value Fluctuates to Your Advantage
You don’t have to be an expert currency trader to know that values fluctuate all over the world in relation to each other all the time. The good news is, currency volatility and fluctuations can be used to your advantage if you have savings to work with.
In fact, by timing larger purchases (like home purchases) to correspond to weaker-than-usual periods of value for the Mexican peso, you might be able to purchase a lifestyle in Mexico that you could never otherwise afford!
Buying a home in Mexico is already a great investment, and real estate in Mexico can be an excellent way to diversify your portfolio. But by combining these natural, baked-in financial advantages with a volatile currency, your return on investment can be even larger than you expected.
As you can see from the chart above, the amount of pesos you can get relative to the U.S. dollar has been steadily increasing for two decades. When it comes to buying Mexican real estate, this value is especially advantageous, as most real estate transactions in Mexico are done mostly in cash.
Now is the Time to Buy Mexican Real Estate
If you’re looking for a new adventure, want to retire near the beach, or are simply interested in diversifying your investment portfolio by purchasing Mexican real estate on the Riviera Maya, now is the time to get started on your research.
Buying real estate can help provide the kind of financial freedom you can’t find anywhere else. And the fact that this real estate market is in one of the most beautiful countries on earth is a bonus you should not ignore!
All the conditions are right for you to explore the financial opportunities on the Caribbean coastline. In fact, with excellent buying opportunities in Playa del Carmen, Tulum, Cancun, and dozens of other locations, you can’t afford not to!
Reaching out to a company like Zisla is an excellent choice when it comes to taking the first steps. Zisla’s specialty is helping foreigners locate and purchase their dream property in Mexico, and they have been demystifying the real estate process in Mexico for over 2 years.
Are you excited to learn more, and see what you can get in Mexico in your price range? Reach out to Zisla today and have a conversation. You never know what it could lead to... but it might be a dream home and the beachfront property you’ve always wanted!!