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The cost of living in Mexico can depend on many factors, starting with geographic location, employment, family type, leisure or entertainment activities, and more.
Compared to other countries in the region, Mexico has a relatively low cost of living, especially when taking into account the countries to the north: the United States and Canada.
What is the cost of living in Mexico?
The cost of living in Mexico can vary depending on the city you choose to live in. Some websites state that the most expensive cities to live in Mexico are Mexico City, Monterrey, Guadalajara, and Mérida.
Many people living in the capital have decided to move to another city because the cost of living is particularly high due to rent prices. Some specialized consulting firms have revealed that there is a housing crisis resulting from the overpopulation the capital is facing.
This was reason enough for many workers and families to set out in search of a more affordable destination.
How do you calculate the cost of living in Mexico?
Calculating the cost of living in Mexico can be somewhat complicated because it depends on geographic location, lifestyle, and personal needs. However, there are some general issues to keep in mind when making the calculation.
The **rent** is the main factor to consider. As we have mentioned, the cities of Monterrey and Mexico City are usually the most expensive. In addition, it must be considered that urban areas are more expensive than rural ones. The cost of food also varies depending on the region where you live.
Finally, you must consider the **size of the family**, as the cost of living for a single person is not the same as for a family unit with children.
All these factors can be more or less expensive depending on a person's income. The income or salary is the fundamental variable for understanding how high or expensive the standard of living is for that family.
Cost of living in Mexico compared to New York
In general, 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 websites 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 on the website Numbeo, the cost of living in New York City is $4,030, while in Mexico City it is **$1,194.**
Among the most expensive variables are housing and transportation. Entertainment is in third place as the most expensive sector in New York, although this is a very personal aspect.
What is the minimum wage in Mexico?
At the beginning of the year, driven by a government measure, the amount of the **minimum wage** for Mexican workers increased by 20%. During 2023, this minimum wage included a daily salary of 207.44 Mexican pesos, which in terms of monthly salary was equivalent to 6,223.2 pesos.
However, at the beginning of 2024, the increase took effect, raising 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) is 375 pesos per day, which is 11,250 pesos per month.
The distinction between zones is linked to a tax incentive program designed to boost development, job creation, and economic growth in the region.
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