80% of Expats Cite Lower Cost of Living as Reason for Moving to Mexico, According to Far Homes' Expat Survey

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Dec 20, 2023, 08:00 ET

Survey Reveals Weather, Cost of Living, and Culture are Top Drivers for Relocating to Mexico

SEATTLE, Dec. 20, 2023 /PRNewswire/ -- Far Homes (www.farhomes.com), a technology-powered marketplace that makes it easier for international buyers to find and buy homes, today released its annual 2023 Expats in Mexico survey. The report, authored in partnership with ExpatsinMexico.com, revealed the sentiments of people who have relocated to Mexico from other countries, with 91% of respondents hailing from North America. Participants were surveyed on psychographics including reasons for moving abroad, aspects of life as an expat, and overall satisfaction with Mexico.

Motivations for relocating: sunshine, affordability, and lifestyle
A majority of respondents indicated that weather played a crucial role in their decision to move, with 86% of respondents citing it as a key reason for relocating. Cost of living (79.9%) and Mexico's culture and lifestyle (74.1%) were also top motivating factors in expats' decision to relocate.

Cost of living and work-life balance
A majority of respondents (56.8%) indicated that moving to Mexico has improved their financial situation while 38.8% reported no difference. Only 4.3% indicated that it worsened their financial situation. 61% of respondents indicated that they have a better work-life balance in Mexico, and 19% said "it's about the same."

Retirement paradise
Retirees made up 85% of survey respondents, and 95% of respondents were over the age of 55. 96% of retirees indicated that they were very satisfied (70.4%) or somewhat satisfied (25.9%) with their retirement in Mexico. Less than 3% of respondents expressed regret in retiring in Mexico.

Healthcare accessibility and affordability
Far Homes recently reported that there has been a rush of medical tourism to Mexico in the past few years due in large part to the rising cost of healthcare in the US. Almost a third (32.4%) of expats surveyed said they left their home country due to 'healthcare cost & quality.' 95% of respondents indicated that they've been happy with their healthcare experience in Mexico. In terms of healthcare costs, 89% of expats in Mexico pay under $285 per month for healthcare compared to the US where the average cost of healthcare is about $1,072 per month.

Safety south of the border
21% of expats in Mexico indicated that they left their home country due to safety concerns and crime. When asked how expats feel about safety in Mexico, a majority of respondents said they feel very safe (55%) or somewhat safe (40.8%). Only 4.2% said they felt 'somewhat unsafe' and no one surveyed (0%) said 'very unsafe.' Far Homes recently reported on crime in Mexico, which has been on the decline since 2016.

Top concerns with life in Mexico
Far Homes also sought to uncover what concerned expats most about their move to Mexico. "Transportation and infrastructure", was the top concern among 30.8% of respondents who listed it as the "thing they dislike the most about living in Mexico."

General contentment
Analysts at Far Homes concluded that overall, most expats are ultimately satisfied with their decision to move to Mexico. 80.6% of respondents said that they were very satisfied with their decision to move and 15.1% said they were somewhat satisfied. 2.9% of respondents indicated that they were somewhat dissatisfied, and only 1.4% said they were very dissatisfied with their decision.

"Our annual Expats in Mexico survey helps further clarify the sentiments of expats, but more importantly, it gives us insight into the concerns that people have after moving internationally," said Far Homes CEO Chet Kittleson. "This helps us to better serve our future customers. For example, now that we know that transportation and infrastructure are a key concern, we can educate clients on places in Mexico where improvements are being made, like the newly built Maya train."

Methodology
Far Homes leveraged multiple sources in order to target expats living in Mexico including Facebook expat group members, ExpatsinMexico.com email subscribers, and various expat groups on social media. Nearly 200 respondents participated in the survey and no personal information was collected. The surveyed group had an even gender split at 51% men and 49% women. Most respondents were over the age of 55 and retired or semi-retired, with 81% hailing from the US originally and 10% from Canada.

The full report is available here.

About Far Homes
Far Homes is a real estate company that is making it easier to find and buy homes in international destinations in a world where more and more people can live and work anywhere. Founded by real estate industry veterans in 2022, the company is working to simplify the international home-buying and selling experience through a technology-powered marketplace. Far Homes has built a database of pre and new-construction, and existing homes for sale making it easy to find the home you want. The company has a bilingual customer service team who respond quickly, and a network of local, multi-lingual partner agents with experience helping buyers from outside the country navigate the home buying and selling process in places like Cancun, Tulum, and Playa del Carmen. To learn more and find homes you love, visit www.farhomes.com.

Media Contact: press@farhomes.com

SOURCE Far Homes