Cost of Moving to Mexico: Pros and Cons 2024

Are you contemplating a move from the US to Mexico? With an average cost of living that’s 64% lower than the US and rent that’s 69% cheaper, Mexico may seem like a financially attractive destination. However, the country’s overall crime rate is 37% higher, and the violent crime rate is a staggering 486% higher. Taxes are also higher in Mexico. Let’s delve into the details.

Flight Information and Visa Costs

A flight from the US to Mexico is surprisingly affordable, costing around $200 and taking about 2.5 hours. The first 180 days in the country is visa-free for US citizens. After that period, options include a temporary resident visa and the Permanent Resident Visa, catering to various residency requirements.

Housing Information (Rent & Ownership)

In Mexico, the typical monthly rent ranges from $550 to $991. For those looking to purchase property, a house costs an average of $90,850. Housing prices vary across regions, with states like Durango offering properties at 52,000 USD, and more expensive options in regions like Mexico City priced at 221,000 USD.

Tax Information

Mexico’s personal income tax rates are generally higher than those in the US, ranging from 1.92% to 35% for residents. There’s also a 16% value-added tax (VAT) on goods and services. For example, if you made $100,000 in Mexico, you’d pay roughly 7% more in taxes compared to the US.

Pros and Cons of Moving to Mexico

Pros:

Cost of living is lower
Rent is cheaper
Buying a home is cheaper
Possibility to work towards citizenship in half a decade
Mexico allows dual citizenship

Cons:

Taxes are higher
Overall crime is higher
Violent crime is through the roof
Potential language barrier with only about 12% of Mexico’s residents being proficient in English

Conclusion

Moving to Mexico offers the allure of a lower cost of living and the possibility of acquiring property at attractive prices. However, the higher crime rates and potential language barriers may be concerning for some. Assessing these factors alongside individual goals and preferences will be key in making an informed decision about relocating to Mexico.