The economy in Mexico is better than some might think. Their standard of living is defined as upper-middle income and the economy is rated twelfth in the world. There many cities and states in Mexico. Where you live will determine your cost of living. Living in and around larger resort cities is substantially more expensive than living in a remote area or in a small town. There are so many cities and cultures in Mexico, you are sure to find the perfect place for your vacation or retirement home.
Take Acapulco. Acapulco is located on the west central coast of Mexico in the state of Guerrero. Because of its popularity with vacationers, the best housing deals can be found near the major resorts in the city. Bargains are few in this area but, there are some, if you want to take the time to look. Home rentals, on the other hand, are a bit pricier. The average rent is usually 1% of the value of the home. So, if the house is worth $100,000 the rent would be about $1000 a month. One caveat when executing a property purchase. Never give anyone money until you are sure you are dealing the true owner. There are special kinds of lawyers called notarias. Have them handle all monetary transactions associated with the property. You will be sure to walk away happy!
Now let’s take a look at Veracruz. Veracruz is located on the Gulf of Mexico and was, at one time, Mexico’s principal port of entry. Founded in 1519 by the Spanish, Veracruz once had a fortress built around it to protect its citizens from the invasion of pirates. Part of that fortress still remains and has been converted into a museum.
The cost of living in Veracruz will run anywhere from US$2000 to over US$5000 per month. One advantage is the cost of domestic help. For $25 you can usually find people (usually women) to come in and clean, iron clothes and sometimes, for a little extra, cook you an authentic Mexican meal. If you are looking for beach living, this is not the place for you. Unfortunately, the beaches are somewhat dirty and polluted due to the shipping industry. But don’t worry, Veracruz has it appeal and there are plenty of other beach cities in Mexico.
Mazatlan is probably one of the favorite places for travelers and retirees. It boasts Mexico’s largest commercial port and is the second largest coastal city. It offers perfect weather, relaxing lifestyle and that true Mexican vibe.
Real estate in Mazatlan offers six different zones to choose from. Northern Mazatlan offers several resorts, homes and townhouses along a strip of beach that stretches from the New Mazatlan Marina to Brujas Point. The average price for a beachfront condo in this zone is US$400,000.
A little further south is Marina Mazatlan. Here you will find a multitude of housing options with many different styles and prices. This zone wraps around the many canals of the port. Some housing developments even offer boat slips with their property. Who wouldn’t want the convenience of walking out their door and onto their boat? Because this young community is still under development, homes and condos can be purchased here starting in the low US$200,000.
The Golden Zone is where the action is. There is something for everyone here. You'll fine restaurants, bars, night clubs, and one of the best shopping districts in Mexico. Beachfront condos are most abundant in this zone with prices ranging from US$300,000-US$400,000.
The Malecon is located between The Golden Zone and Old Town. If you choose this zone, you still get the beautiful beaches at a more affordable price while still being close to the attractions of both surrounding zones. Here ocean view condos starts in the mid US$200,000 range. You still get the benefit of the view without paying beachfront prices.
The Old Town is exactly what it sounds like. With the original colonial architecture and colorful houses it is one of the most affordable zones to live in. You can purchase an authentic casita or hacienda here at under US$100,000 if you are willing to put a little elbow grease into the property. Others that are in fairly good shape can be found for as little as US$125,000.
Finally, there is Stone Island. Here you can see coconut groves and endless beaches. You can get here by road or small shuttles from the mainland. Although it is mostly commercial property, efforts are in place to introduce residential communities to the island. One such complex is currently under construction offering beachfront and golf course properties. Prices for these residences start in the mid US$300,000.
So as you can see, Mexico has a lot to offer. The next time you are planning a vacation or are seriously looking to retire, give Mexico some consideration. You won’t be sorry!