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Wednesday, June 7, 2023

The wealth effect: Just how much farther does your money go in Mérida?

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Its culture and society make expats feel welcome, but for many residents from north of the border, the lower cost of living in Mérida is a major draw.

A US$70,000 salary in Chicago, for example, feels like US$175,000 in Mérida.

That’s according to a new study from Far Homes, which tracks the cost of living in various cities.

Far Homes, which launched in June 2022, helps people from the US and Canada buy homes in Mexico. Using a cost-of-living index, the Seattle company found that even in inflationary times, Mérida compared favorably with several other cities.

Lower prices on labor and major commodities mean that a low six-figure income goes much further, even in Mexico’s most desirable locales. Generally speaking, a US$100,000 salary in a US city can feel like US$200,000 or more in a place like Cancún if you’re used to paying on the dollar for housing, goods and services.

Moving from Seattle to Cancún saves the newcomer 65% in living expenses. An American expat from Tampa, making an average US household income of about $70,000, might feel like they’re earning US$144,000 living in Puerto Vallarta, where prices are 61% lower than in Florida, according to Far Homes.

Stretching your money in Mérida

What US$70,000 feels like in Mérida for people coming from these cities.

  • Montreal $119,353
  • Houston $144,784
  • Toronto $152,338
  • Phoenix $154,604
  • Vancouver $154,856
  • Atlanta $159,137
  • Dallas $165,935
  • Birmingham $168,957
  • Tampa $171,727
  • Denver $173,741
  • Portland $173,741
  • Chicago $175,000
  • Charlotte $176,259
  • Miami $193,381
  • Los Angeles $193,381
  • Washington DC $196,906
  • San Diego $202,950
  • Boston $205,216
  • Seattle $205,468
  • San Francisco $242,734
  • NYC $251,799
  • Puerto Vallarta $79,568
  • México City $82,590
  • Querétaro $66,223
  • Playa del Carmen $79,820
  • Cancún $71,511
  • Tijuana $76,547
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