How Much Money Do Expats Need to Live Comfortably in Latin America?

How much does a comfortable life in Latin America actually cost? It depends on the country and the lifestyle you want, but the short answer for a single expat is around $1,500 USD per month for rent, food, transportation, healthcare, and the rest of the basics. Here's how that breaks down.

Rent

Housing is your biggest line item, and prices climb in larger cities and tourist areas. In Ajijic, Mexico, $750 USD rents a great house that's walkable to everything. A one-bedroom in a decent area of Mexico City runs about $500 USD per month; something similar in Medellin, Colombia can be as little as $300 USD. Pricier cities like Rio de Janeiro and Buenos Aires run around $800 USD for a one-bedroom.

There's also a gap between expat prices and local prices. In Buenos Aires, if you have local residency and can sign a three-year lease with proof of income and a guarantor, that same one-bedroom can drop to $300 USD per month.

Food

A typical lunch at a local restaurant can cost as little as $2 USD, and groceries are far cheaper than in the US as long as you skip imported goods. The quality is a genuine upgrade too: small family farms close to the cities mean produce is picked ripe and sold fresh, and in 2023 a dozen eggs costs less in every region of Latin America than in the United States.

Your food preferences can even help you pick a country. Cheap, excellent red wine and beef point you to Argentina; seafood lovers do well in Lima or the Caribbean. Shop at farmers' markets and cook with local ingredients to stretch your budget, or spend more and eat very well at restaurants.

Transportation

Public transit is cheap and efficient in most Latin American cities; a bus or metro ride in Buenos Aires costs about $0.20 USD. Long-distance buses are a legitimate way to travel: Mexico City to Oaxaca, over 300 miles, from about $20 USD; Bogotá to Medellín, over 250 miles, from about $25 USD. Lines like Cruz del Sur and Andesmar offer wifi, meals, entertainment systems, power outlets, and seats that recline up to 180 degrees.

Taxis and ride-hailing apps like Uber, Beat, and Cabify are widely available and cost well below North American or European rates.

Healthcare

Healthcare costs a fraction of US prices, and quality holds up. Mexico and Costa Rica in particular are known for modern facilities and highly trained doctors, enough so that both have become medical tourism destinations. For a deeper breakdown, see our article on health care and health insurance options for expats in Latin America.

Entertainment

Entertainment is where a modest budget feels rich. Free and low-cost concerts and festivals run year-round in many cities. A movie ticket in Mexico can cost $3 USD. Live soccer is affordable in most stadiums (as long as Messi isn't playing). In Buenos Aires, nightly tango events include a beginner's class, open dancing, live orchestra, and a professional show for an average admission of $2.50 USD.

Other expenses

Utilities and internet also come in below US prices. If you buy a home, property taxes in Mexico, Peru, Brazil, and Chile start from as little as 0.1%, well below typical US rates.

The bottom line

Plan on at least $1,500 USD per month to cover basic expenses comfortably as a single expat. Couples and families need more, and a luxury lifestyle needs its own budget. But the trade works in your favor either way: live very well for far less than in the US, or spend what you spend now and live in genuine comfort. If you'd like help budgeting for a specific country, we offer consultations at LATAM Plan B.