Why consider affordable real estate in Mexico for your retirement? Consider this; a recent U.S. survey picked out the 5 most affordable cities in terms of house prices vs. average incomes. However, while these places offer low-priced homes, the also suffer economically. Yucatan real estate and properties in the nearby area's, Mexico's most famous tourist destinations, not only offers year-round warm climate, beautiful beaches, and plenty to do, but it also offers property prices for all budgets, and a thriving economy with great opportunities to earn money.
Related: Yucatan Peninsula: A Safe Haven for Visitors, Expats and Retirees
First of all, let's consider this top 5 list of affordable cities in the U.S. Between Indianapolis, Youngstown, Ohio, Syracuse N.Y., Dayton Ohio and Grand Rapids Michigan, the average of the median home prices is about $90,000. While these are average prices, you certainly won't be looking at luxury for this amount. While the affordability factor is rated above 90% for each one, the economies also leave a lot to be desired, with unemployment at an average of 13% - at least 3% higher than the national average.
On the flip side of the coin, the top 5 least affordable cities included New York, San Franciso, Honolulo, Santa Ana, California, and Los Angeles, with average home prices over $400,000 and affordability factors down around 20%. Again, these are average prices, and no one's talking about luxury.
In addition to a relaxing lifestyle on the beachfront, let's consider what these same prices will get you in some of Yucatan's top real estate locations.
Related: Buying on a Budget: Why Mexico and Not Other Popular Retirement Destinations in the U.S.
While in the Yucatan real estate area, $90,000 can get you a quaint Mexican style home near Merida's colonial city center, or a taditional style home in small town just outside of the city, the lifestyle that comes with this is priceless. The completely restored colonial city center, the beautiful architecture, the rich Mexican culture make this an incomparable to the cold U.S cities mentioned above, nowhere near a beach or anything that could be considered romantic.
For only a bit more than this price, at $125,000 Playa del Carmen real estate offers a beautiful 2 bedroom condo in that city's original private gated community, only 5 minutes away from the beach, and just around the corner from a Sam's and the city's newest shopping mall. At $150,000 there are many condominium options available in the area. While we're comparing condominiums to homes, if you are planning on retirement, these condos offer many conveniences, such as on-site maintenance, to make retirement easier. Also, if you are planning ahead, these condos can be rented out for an income in the mean time, balancing the cost of purchasing a second property. Of course, in Merida, at this price there are many home and condominium options available as well.
Cancun Real Estate also offers condominiums with ocean views and modern homes for under $110,000, including a top-quality beachfront lifestyle for only a little more than the cheapest city's in th U.S.
Combine with this a lower cost of living, healthcare are 50-70% cheaper than in the U.S., and a nice property in a colonial city or near the Yucatan beachfront could very well end up making your retirement cost less than in some the cheapest U.S cities.
Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!"
Region: Playa del Carmen real estate.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
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