Cost of living in mexico
The cost of living for retirees in Mexico can be significantly lower than in the United States and Canada. According to Numbeo, a website that compiles cost of living data from around the world, the overall cost of living in Mexico is approximately 40% lower than in the United States and about 25% lower than in Canada.
Housing
Housing is one of the biggest expenses for retirees, and in Mexico, the cost of housing is significantly lower than in the United States and Canada. Renting a one-bedroom apartment in a city center in Mexico can cost as little as $300 to $500 per month, while in the United States and Canada, it can cost anywhere from $800 to $1500 per month or more, depending on the location. Buying a home in Mexico can also be more affordable, with the average cost of a house in Mexico being around $120,000, compared to around $280,000 in the United States and $475,000 in Canada.
Food
Food is another major expense for retirees, and the cost of groceries in Mexico can also be lower than in the United States and Canada. A grocery basket containing basic items such as bread, milk, eggs, and vegetables can cost as little as $30 to $50 in Mexico, while in the United States and Canada, it can cost anywhere from $50 to $100 or more. Eating out in Mexico can also be more affordable, with the average cost of a meal at a mid-range restaurant being around $10 to $15, compared to around $20 to $30 in the United States and Canada.
Transportation
Transportation costs in Mexico can also be lower than in the United States and Canada. The cost of a monthly public transportation pass in Mexico can cost as little as $20, while in the United States and Canada, it can cost anywhere from $50 to $100 or more. The cost of gasoline and car maintenance can also be lower in Mexico, making it more affordable for retirees to own and operate a car.
It’s worth noting that cost of living will vary depending on the location in Mexico. The cost of living in big cities like Mexico City and Monterrey, for example, will be higher than in smaller towns or rural areas.
Also, it’s important to mention that some other expenses like healthcare, might be lower in Mexico, as you can find good quality healthcare for a much lower cost than in the USA or Canada. Also, the cost of medication is much cheaper in Mexico.
In summary, retirees in Mexico can expect to save money on housing, food, transportation and other expenses, which can provide them a higher standard of living while allowing them to stretch their retirement savings further.