Based on data from the Social Security Administration, over 60,000 Americans opt to spend their retirement in Mexico. However, given Mexico’s considerable size, finding the ideal location becomes crucial. To answer this question, GoBankingRates undertook a comprehensive study focusing on small towns throughout Mexico.
“Mexico is blessed with sunshine, culture, and food loved the world over,” GoBankingRates wrote in its findings. “But best of all for retirees, perhaps, is its affordability.”
To find the top 10 retirement communities in Mexico where seniors can live comfortably on less than $2,500 per month, GoBankingRates conducted a study. The study used information from Numbeo Cost of Living Service to examine the cost of living in various cities in Mexico. Cities had to provide extensive data on the cost of things like restaurant meals, food, rent, mortgages, transportation, clothing, utilities and recreational activities to be included in the analysis. Rental prices included both one- and three-bedroom houses or apartments inside and outside urban centers.
The city of Aguascalientes in central Mexico proved to be the most cost-effective when the data were analyzed.
“Aguascalientes has low costs across the board, but it particularly shines in terms of one-bedroom rent outside the city center and three-bedroom rent inside the city center,” the findings read. “At just $169.81 and $384.31 per month, respectively, Aguascalientes has the lowest costs of any city surveyed in those categories.”
According to the data, the average monthly expenditure for a single person in the city is only $861.59 including rent and drops to $583 without rent.
Ensenada, Veracruz, Puebla, Saltillo, Querétaro, Tijuana, Playa del Carmen, La Paz, and Mazatlan are some places retirees should also consider.