Yahoo Finance 7 Reasons So Many Americans Are Moving to Mexico City, Starting With Cheap Rent
The United States and Mexico share a border that stretches 2,000 miles and maintain a bilateral relationship and economic ties that affect millions of citizens in both countries. Mexico has been a popular vacation and travel hot spot for Americans for decades. According to Statista, 33.45 million U.S. citizens traveled south of the border in 2022, a 17% increase from 2021.
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Additionally, an estimated 1.6 million Americans currently live in Mexico, which allows citizens from dozens of countries to stay for up to 180 days without a visa. In particular, many U.S. residents are flocking to the capital, Mexico City, for a variety of reasons.
Here are seven reasons why Mexico City has become a destination for Americans looking for an exciting life change, starting with cheap rent and affordable property prices.
Cheap Rent and Property Prices
Thanks to Mexico’s favorable cost of living, finding an apartment or a home in Mexico City — whether for renting or buying — is a straightforward and affordable process.
According to Newland Chase, a leading global provider of immigration and visa services, rent for a one-bedroom apartment in the city center is around $822 and the average home asking price a reasonable $202,000 USD. However, if you’re eyeing a more tropical development, expect to pay (a lot) more.
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Lower Cost of Living
Whether you’re looking at groceries, transportation, leisure activities or personal care, Mexico offers substantial savings and your U.S. dollars will stretch much further down south. Per Newland Chase, the cost of living for monthly expenses (besides accommodation) are lower than many states and Americans who have made the move to Mexico can live the lifestyle they are accustomed to or enjoy living on less. Here are some average costs per month in Mexico City (in USD):
Cost of living for family of four: $2,672 (not including rent)
Cost of living for one person: $808 (not including rent)
Internet: $27
Utilities (gas, water, electric): $52
Transit: $20
Groceries: $200-300 per person
Employment Opportunities
One of the main reasons why you should consider moving to Mexico City is its location. Staying within the same time zone and in close proximity to the States has its advantages, especially if you have to travel back and forth often for work. You’ll get the opportunity to expand your job if you’re a professional or freelancer as remote work is easy to organize.
Many American companies — among them, consulting and tech firms, automakers, oil and gas companies and major manufacturers — already have a significant presence in Mexico.
Easily Obtainable Work Visas
You’ll be able to stay in Mexico for six months without a work visa, but if you’re planning on working and living in the Mexican capital, you’ll need to apply for a work visa. The Temporary Resident Visa allows you to stay for extended periods, ranging from 180 days up to four years. If you intend to live in Mexico on a permanent basis, a Permanent Resident Visa is necessary.
After residing in Mexico as a temporary resident for four consecutive years, you can change your status to permanent resident by fulfilling certain requirements outlined by the government of Mexico. The processes for work visas are straight-forward but before you start your journey to a life in Mexico City, orient yourself with any requirements and conditions by contacting the U.S. Embassy & Consulates in Mexico.
More Affordable Healthcare
According to International Van Lines, expats can get affordable and high-quality healthcare under the IMMS programs (Instituto Mexicano de Seguro Social) which are offered by the Mexican government in the form of public healthcare. But there are a number of private healthcare providers, like Cigna Global and GeoBlue Xplorer, which Americans usually opt for.
Foreigners living in Mexico will pay an average of $5,900 per year for a private comprehensive health insurance plan, however, most U.S. citizens purchase additional coverage in the U.S., and so their premiums are higher, according to International Citizens Insurance. IMSS health coverage is around $500 or so per year for residents.
Tropical Beautiful Weather and Beaches
In Mexico, the climate varies significantly. Typically, the warm and dry climates are the most extensive and the temperate and cold climates less common. So you can mainly enjoy warm and sunny conditions the whole year in coastal areas, even in the winter months in weekend getaways like Cancun, Puerto Vallarta, Acapulco and Playa del Carmen.
If weather is a main reason for migrating, Mexico City has a subtropical highland climate, with warm summers and mild winters and an annual average temperature of 64 degrees Fahrenheit, per TripReport.
A Different Culture and Lifestyle Experience
Living in Mexico won’t be the same as in the U.S., but it will provide an unforgettable experience. Mexico is diverse and rich in culture, has some of the most stunning natural beauty and some of the most welcoming locals in the world. Experiencing the local way of life, learning a new language, trying a new cuisine and participating in popular native activities will allow you to fully immerse yourself in Mexico City’s rich culture.
If the pandemic has taught us anything, it’s that Americans are increasingly prioritizing self-care and work-life balance. A move to Mexico City will be a challenging one in many ways, but if you’re up for a significant and positive life change, it can enhance your quality of life by offering you a more affordable cost of living at a leisurely pace.
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