What Does It Cost To Live In Major Latin American Cities?

 

Hello again!

 

My Latin Life here to give you some insight into the cost of living in Latin America.

 

Using Expatistan, I've compared the cost of living between the most-searched-for major Central and South American cities on my website to help you decide where to live or travel in Latin America.

 

Let the showdown begin!

 

 

What Does It Cost To Live In Latin America?

Mexico City vs Lima

            Mexico City is cheaper than Lima     

          Mexico City is cheaper than Lima

 

Mexico City vs Bogota

      Mexico City costs about the same as Bogota     

    Mexico City costs about the same as Bogota

 

Bogota vs Panama City

         Bogota is cheaper than Panama City    

       Bogota is cheaper than Panama City

 

Bogota vs Santo Domingo

        Bogota is cheaper than Santo Domingo    

      Bogota is cheaper than Santo Domingo

 

Bogota vs Buenos Aires

          Bogota is cheaper than Buenos Aires        

        Bogota is cheaper than Buenos Aires    

 

Bogota vs Lima

                   Bogota is cheaper than Lima    

                 Bogota is cheaper than Lima

 

Buenos Aires vs Santiago

        Buenos Aires is cheaper than Santiago    

      Buenos Aires is cheaper than Santiago

 

Buenos Aires vs Lima

    Buenos Aires costs about the same as Lima    

  Buenos Aires costs about the same as Lima

 

Buenos Aires vs Rio de Janeiro

   Buenos Aires is cheaper than Rio de Janeiro    

 Buenos Aires is cheaper than Rio de Janeiro

 

Rio de Janiero vs Santo Domingo

            Rio de Janeiro is more expensive than   Santo Domingo    

          Rio de Janeiro is more expensive than Santo Domingo

 

Rio de Janeiro vs Panama City

  Panama City is cheaper than Rio de Janeiro

Panama City is cheaper than Rio de Janeiro

Rio de Janeiro vs Santiago

  Rio de Janeiro is more expensive than Santiago

Rio de Janeiro is more expensive than Santiago

 

Based on this information....

 

The Cheapest Major Cities To Live in Latin America Are

 

1) Mexico City  (Tie)

1) Bogota (Tie)

2) Lima 

3) Buenos Aires

4) Santo Domingo

5) Santiago 

6) Panama City 

7) Rio de Janeiro 

 

 

Problems With The Data

Although Expatistan is a reasonably accurate resource for cost of living, it can't take into consideration the variables that come into play when living in certain Central and South American metropolises.

 

For instance, in Rio de Janeiro you will have to pay more for housing because it is too dangerous to live in lower/middle class areas. This is an absolute MUST for those unfamiliar with the city. Same goes, to a lesser extent, for Santo Domingo.

 

That's going to bump your cost of living up considerably. For that reason, I'd put Rio de Janeiro above Panama as the most expensive city on the list.

 

In Panama City, Mexico City and Lima, you can get away with paying cheaper rent.

 

Also, you must consider currency fluctuations.

 

Panama City is more expensive because the dollar is reasonably strong. Buenos Aires is cheaper because Argentina is devaluing its peso. These things can change from year-to-year, or even month-to-month.

 

 

 

My Latin Life's Personal Recommendations

If you want to have a nice, comfortable life in Latin America, you're going to want to be hitting certain monthly figures of income.

 

In my opinion, here's the minimum you should be making per month to enjoy life in each aforementioned city.

 

Bogota = $1500.00

Mexico City = $1500.00

Lima = $1600.00

Buenos Aires = $1800.00

Santo Domingo = $2000.00

Santiago = $2300.00

Panama City = $2500.00

Rio de Janeiro = $2600.00

 

My fast and loose calculations here are based on the assumption that you will be putting 33% or less of your monthly earnings toward rent.

 

It should never been less than this.

 

In each city, this percentage should be enough to get you into a one-bedroom apartment in a decent area of town.

 

Not the best one, mind you. But a decent one.

 

The corresponding level of income in each city should cover your costs and allow you to go out twice a week, assuming you're not popping bottles like a gangbanger (the criminal kind, not the sexual kind).

 

...

 

And there you have it!

 

The cost of living in major Latin America cities.

 

I hope I've been able to help you out.

 

Keep in mind that my lifestyle may differ from yours - you could very well find that you personally need much more or much less than the above figures.

 

If you've recently visited and/or are living in one of the cities mentioned and think I have my calculations off, please let me know in the comment section!

 

 

 

Until next time,

Vance

For more fun-filled information about Latin America, check out my City Guides!