Are you thinking of moving to Mexico? Mexico is a beautiful country that boasts a fantastic culture with thriving music, art and food scenes. From Mexico City to Cancún, and Tijuana to Mérida there is plenty to discover throughout the country. With its proximity to the United States, there are many cities throughout Mexico that are hotspots for tourists and recently many have also been attracted to making a permanent move to Mexico.
There are lots of reasons to live in Mexico. But the big question is, how much does it cost?
In this post, we've highlighted some topics to help you learn about the cost of living in Mexico, including:
- What is the average cost of living in Mexico?
- The cost of living in Mexico compared to other countries
- How to send money to Mexico
What is the average cost of living in Mexico?
Is Mexico expensive? According to Salary Explorer, a person working in Mexico earns on average around 33,200 MXN a month. In 2021, this is equivalent to $1,617.58. In general, salaries in Mexico range from around 8,410 MXN per month to 148,000 MXN per month. This average monthly salary takes into account housing, transport and other benefits. Although this may be lower than US salaries, the cost of living is lower in Mexico than the United States.
Salaries vary quite drastically between careers and they also vary depending on the city you choose to live in. Residents of major cities like Mexico City and Guadalajara are often able to secure more lucrative jobs. On the other hand, the costs are usually higher in these major cities and also in cities that attract tourists, like Cancún. Unfortunately, salaries don’t often stay in line with the costs as a result of inflation. So what is the cost of living in Mexico?
As a percentage of their monthly income, the average Mexican household spends around:
- 31.5% on rent
- 30.7% on food and groceries
- 14.6% eating out at restaurants
- 8.1% on transportation
- 3.9% on utilities
- 8% on sports and leisure
- 3.3% on clothing and shoes
Numbeo estimates that in 2021, the monthly cost of living for a family of four is 33,200 MXN without rent.
On the cost of living index, the most expensive city in Mexico to live in is Mexico City. Here the monthly cost of living for a family of four is 36,965 MXN without rent. And for a single person the estimated monthly cost is around 10,204 MXN. Rent prices in Mexico City are 11.77% higher than in Ecatepec and 21.81% higher than in Cancún.
In 2021, the cost of living in Cancún for a family of four without rent is 36,295 MXN per month. And for a single person the estimated monthly costs are 10,391 MXN without rent. While the number of opportunities in cities like Mexico City and Guadalajara outweigh those in Acapulco or San Miguel de Allende, day-to-day life is also more pricey. So there is plenty to consider before deciding on where you’d like to live in Mexico.
The cost of living in Mexico compared to other countries
If you’re thinking about moving to Mexico and you’re worried about the cost of living, it helps to know how Mexico compares to other countries.
On average, consumer prices are 101.71% higher in the United States than they are in Mexico. Similarly, in 2021 rent prices in the United States are 231.40% higher than rent prices in Mexico. The local purchasing power in Mexico is 186.42% lower than in the United States.
|Average monthly salary||33,200 MXN ($1,617.58)||$3,664||1,950 ($4272.10)|
|Estimated monthly costs for a family of four||34,412 MXN ($,1676.63)||$4,611||3,632 ($5,132)|
|Estimated monthly costs for a single person||9,604 MXN ($467.93)||$2,602||2,034 ($2,875)|
|A litre of milk||21.03 MXN ($1.02)||$0.88||0.82 ($1.16)|
|12 eggs||31.55 MXN ($1.54)||$2.94||2.48 ($3.50)|
|A beer at a bar||30 MXN ($1.46)||$5.81||4.60 ($7) |
When you compare Mexico to both the United States and the United Kingdom, we can see that the cost of living is considerably lower in Mexico. Whether you want to buy a beer, a carton of eggs or pay rent for a month, it will cost you less in Mexico than it will in almost all states around the US.
The cost of living in places like Mexico City or in Acapulco has encouraged many Americans and people from around the world to choose to live in Mexico long term.
In Mexico the currency is the Mexican peso. If you are wondering about the cost of living you may also have questions like: how much is the dollar worth in Mexico? And how much is 50 dollars worth in Mexico?
In 2021, the exchange rate of the US dollar to the Mexican peso was around 1 USD to 20 MXN. If you’re thinking about living in Mexico it helps to know about exchange rates because it will let you know how much you will be able to get for your money in Mexico. Knowing the exchange rate will also help if you plan on sending money to family and friends based in Mexico.
One of the ways to support your loved ones or contacts living in Mexico is to send them money. When you transfer funds overseas and provide financial support to family and friends they will be able to afford the goods and services they need to live. And today it is easier than ever to provide this support. Moreover, if you are thinking of moving to Mexico it is easy for you to receive financial support from your family too.
If you like to learn more about how your money can reach all corners of Mexico, check out our blog on the topic or keep reading below for more information.
How to send money to Mexico from the United States
Small World is an international money transfer service. We have facilitated easy money transfers to Mexico for many years. You can use Small World’s money transfer service online or via our app. We offer you two ways to send money to Mexico:
- Cash Pickup
- Bank deposit
Both transfer methods ensure that you are able to transfer funds safely and quickly whenever you want to. We work with a number of banks in Mexico including Banorte, Elektra, BanCoppel, Bancomer, Banorte, Soriana and Bansefi to ensure it is quick, convenient and safe to transfer funds to Mexico.
If you want to send money to Mexico with Small World you can easily do so in the United States whether you live in California or Texas, Illinois or Arizona, New York, New Jersey or Pennsylvania. See here for a full list of our licensed states in the US.
So if you want an easy way to support your loved ones, choose Small World!
Your first transfer online to Mexico is always fee-free!