In December 2023, the monthly rent for a one-bedroom apartment in the city center of Mexico City amounted to 913.96 U.S. dollars, whereas a three-bedroom apartment averaged 1803.96 U.S. dollars.
Living in Mexico on $500 a month – is it possible? Believe it or not, it is possible to live on $500 a month in Mexico. But the real question is, “Do you really want to do that?” The lifestyle with that budget won't suit most people, and you might not survive long if you're living that frugally.
With today's exchange rates, $100 USD is about $1,900 – $2,000 MXN. Compared to wages, $1,900 MXN is about weeks' worth of salary for most manual labor jobs outside the major cities of Mexico. So for locals that have basic day labor jobs, it is a decent amount of money.
The 2024 estimated cost of living for a single person in Mexico is USD $982 monthly, and the average cost of living for a family of four is USD $2,375. Mexico is much more affordable than other countries. It's ranked 81st in the world for average cost of living.
In the third quarter of 2023, Mexicans paid on average 1.6 million Mexican pesos to acquire a residential property. Compared to the same period of the previous year, the nominal price increased by nearly 15 percent.
While some landlords or agencies only ask for a deposit, others require a credit check or some referencing. In Mexico, it is also common if they ask for someone to co-sign your lease, known as a fiador. This can be a bit tricky since that person needs to live and own property in Mexico.
“On average, you can live a very comfortable life in Mexico with a budget of $1,500 to $3,000 per month,” said Gene Caballero, co-founder of GreenPal. “This would cover your housing, meals, utilities, healthcare and even some entertainment and leisure activities.”
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