The cost of living in Mexico can depend on many factors, starting with geographical location, employment, type of family, leisure or entertainment activities, etc.
Compared to other countries in the region, Mexico has a relatively low cost of living, especially considering the countries located to the north, namely: the United States and Canada.
What is the cost of living in Mexico?
El cost of living in Mexico may vary depending on the city in which you choose to live. Some portals state that the most expensive cities to live in in Mexico are Mexico City, Monterrey, Guadalajara or Mérida.
Many people living in the capital have decided to move to another city, because the cost of living is particularly high because of the cost of rent. Some specialized consultancies have revealed that there is a housing crisis, the result of the overpopulation faced by the capital.
This was reason enough for many workers and families to set out to look for a lower-cost destination.
How to calculate the cost of living in Mexico?
El Calculation of the cost of living in Mexico can be somewhat complicated, because it depends on geographical location, lifestyle and personal needs. However, there are some general issues that can be considered when making the calculation.
La Rent is the main factor to consider. As we have said, the cities of Monterrey and Mexico City tend to be the most expensive. In addition, it must be considered that urban areas are more expensive than rural areas. La Feeding It also has a variable cost depending on the region in which you live.
Finally, you should consider the family size, since the cost of living of a single person is not the same as that of a family unit with children.
All of these factors can be more or less costly, depending on people's income. El income or salary It is the fundamental variable for understanding how high or expensive the standard of living is for that family.
Cost of living in Mexico with respect to New York
Overall, the cost of living in the United States is much higher than the cost of living in Mexico. If we compare the city of New York with the Mexican capital, for example, some specialized portals show that in the American city the cost of living is up to 125% higher than in Mexico City.
On the other hand, according to the cost of living ranking of the Numbeo website, in New York City the cost of living is 4,030 dollars, while the one in Mexico City is from 1,194 dollars.
Among the most expensive variables are housing and transportation. Entertainment is in third place, as the most expensive sector in New York, although it is a very personal aspect.
How much is the minimum wage in Mexico?
At the beginning of the year, driven by a government measure, the amount of minimum wage of Mexican workers increased by 20%. During 2023, this minimum wage contemplated a daily wage of $207.44 Mexican pesos, which in terms of monthly salary was equivalent to $6,223.2.
However, at the beginning of 2024, the increase took effect, bringing the figure to about $248.93 pesos per day ($41.49 pesos more), and $7,468 pesos per month.
On the other hand, the minimum wage In the Northern Border Free Zone (ZLFN) It is from $375 pesos a day, that is to say, $11,250 pesos per month.
The distinction between zones is linked to a program of fiscal incentives, to promote development, job creation and economic growth in the region.
