Friday, June 21, 2024

Cost of living is No. 1 attraction for expats living in Mexico: survey

The low cost of living is the primary reason that expats live in Mexico and security is only a concern for a small minority, according to a survey by the online magazine Expats In Mexico.

The magazine’s Expats In Mexico 2022 Survey reveals that nearly one-quarter of respondents named the cost of living as their top motive, while only 17% said personal security is an issue for them, despite homicides exceeding 30,000 for a fourth consecutive year in 2021.

A much larger concern for those surveyed is their Spanish skills: nearly 39% said they were worried about learning and using Spanish.

Other popular motives for being based in the country were a Mexican lifestyle, chosen by 21% of respondents, and the warm climate, which was the main draw for 16% of participants.

The modest incomes of respondents may explain why cost of living was their uppermost concern. The survey shows that about 64% live on a monthly budget of 40,000 pesos (almost US $2,000) or less.

The founder of Expats In Mexico, Robert Nelson, said that nearly 80% of respondents were retirees, many of whom sold their homes before moving to Mexico.

Nelson added that high global inflation made the country an even more attractive option for expats.

“Mexico has long been known as a low-cost haven for American and Canadian retirees … It continues to rank among the least expensive countries to live. With most of the world caught in an inflationary spiral, cost of living is upper-most in the minds of many expats who live here, as well as aspiring expats from other countries who may be planning or considering a move to Mexico,” he said.

Mexico has the 16th cheapest cost of living in the world. Meanwhile, the U.S. is the 21st most expensive country and Canada is the 31st most costly nation to live in, according to the statistics site World Population Review.

The survey was completed by 364 expats living in Mexico, 77% of whom are full-time residents. Detailed survey results can be found at the Expats In Mexico website.

Mexico News Daily

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