Mexico is a vibrant and diverse country located in North America. Known for its stunning beaches, rich culture, and delicious cuisine, Mexico is a popular destination for tourists and expats alike. But how much does it cost to live in Mexico? In this article, we will explore the cost of living in Mexico, including the local currency, how it compares to the UK and the USA, and a breakdown of costs for singles, couples, and families of four in various categories.
Local Currency
The local currency in Mexico is the Mexican peso (MXN). One Mexican peso is equivalent to 0.05 GBP and 0.07 USD.
Cost of Living Comparison
The cost of living in Mexico is generally lower than the UK and the USA. According to Numbeo, the world’s largest database of user-contributed data on cost of living, the cost of living index in Mexico is 44.93, while the UK and the USA have a cost of living index of 69.10 and 76.53, respectively. This means that the cost of living in Mexico is significantly lower than in the UK and the USA.
Breakdown of Costs
Housing
The cost of housing in Mexico varies depending on location and type of accommodation. In Mexico City, the average monthly rent for a one-bedroom apartment in the city center is around MXN 9,600 (GBP 385 / USD 538). Outside of the city center, the average monthly rent drops to around MXN 6,500 (GBP 261 / USD 365). If you’re looking to buy property in Mexico, the average price per square meter in the city center is around MXN 25,000 (GBP 1,003 / USD 1,401), while outside the city center, it drops to around MXN 12,500 (GBP 502 / USD 701) per square meter.
Food
Food is generally affordable in Mexico, especially if you’re willing to eat like a local. Street food is a popular and delicious option, with items like tacos, tamales, and quesadillas costing between MXN 10-30 (GBP 0.40-1.20 / USD 0.56-1.68). Eating at a mid-range restaurant will cost around MXN 200-400 (GBP 8-16 / USD 11-22) per person. If you prefer to cook at home, groceries are also affordable, with a loaf of bread costing around MXN 20 (GBP 0.80 / USD 1.12) and a liter of milk costing around MXN 20 (GBP 0.80 / USD 1.12).
Utilities
The cost of utilities in Mexico varies depending on the size of your home and your usage. The average monthly cost of utilities, including electricity, gas, water, and garbage, is around MXN 1,500 (GBP 60 / USD 84) for a small apartment. Internet costs around MXN 600 (GBP 24 / USD 34) per month.
Leisure
Leisure activities in Mexico can range from affordable to expensive depending on what you choose to do. Visiting a museum or historical site can cost as little as MXN 30 (GBP 1.20 / USD 1.68), while a movie ticket costs around MXN 100 (GBP 4 / USD 6). If you’re looking to participate in outdoor activities like hiking or swimming, there are many free options available. However, if you’re looking to join a gym, membership costs around MXN 500-1,000 (GBP 20-40 / USD 28-56) per month.
Transport
Transportation in Mexico is relatively affordable. The cost of a one-way ticket on public transport in the city is around MXN 8 (GBP 0.32 / USD 0.45), while a taxi ride starts at around MXN 50 (GBP 2 / USD 3). If you’re looking to rent a car, prices start at around MXN 300-500 (GBP 12-20 / USD 17-28) per day.
Clothing
Clothing prices in Mexico vary depending on the brand and quality. Shopping at local markets and street vendors can be a great way to find affordable clothing options. A basic t-shirt costs around MXN 150 (GBP 6 / USD 8), while a pair of jeans costs around MXN 500 (GBP 20 / USD 28). If you’re looking for higher-end brands, prices will be more comparable to those in the UK and the USA.
Household Goods
Household goods in Mexico are generally affordable. Basic items like cleaning supplies, toiletries, and kitchenware are readily available at local markets and stores. A bottle of shampoo costs around MXN 40 (GBP 1.60 / USD 2.24), while a pack of toilet paper costs around MXN 20 (GBP 0.80 / USD 1.12).
Forms of Payment
Cash is the most common form of payment in Mexico, although debit and credit cards are becoming increasingly popular. It’s important to note that some smaller establishments may only accept cash, so it’s always a good idea to carry some with you. ATMs are readily available in cities and towns, and most major credit cards are accepted at larger establishments.
Overall, the cost of living in Mexico is generally lower than in the UK and the USA. Housing, food, and utilities are affordable, while leisure and clothing can range from affordable to expensive depending on your preferences. Cash is the most common form of payment, although debit and credit cards are becoming more popular. If you’re considering a move to Mexico, it’s important to research the cost of living in your desired location and budget accordingly.