Why do you live in Cancun?

Cost of living in Cancun

Well, Life, I guess that makes it a "two-fer"!
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People who live in Cancun know what it costs to live here, but people thinking about living here are often curious about it, so I thought I'd include a few comments about what certain things cost here, relying on our experience to provide the examples. Other posters may have things to add, based on their experiences, to flesh out the information.

So, what does it cost, to live in Cancun? Cost of living in Mexico is mainly dependent on just how much living you require. Mexico is a place you can live cheaply, but you will be doing less living, if you do. The costs that follow are for a couple.

We pay 8,000 pesos per month rent, for a two bedroom, completely furnished apartment (right down to the sheets, silverware, and all appliances, including washer and dryer), with a swimming pool in the complex. It is centrally located, convenient to public transportation, and safe. Get the same place unfurnished, and it would go for 7,000 per month; another place, without a pool, but in a similar part of town, might cost 6,000.

We pay less than an annual average of about 400 pesos per month for electricity, and gas and water are included in our rent. We use air conditioning much of the time, and run a washer and dryer.

We pay about 3,000 pesos per month for everything we buy in the grocery store. We eat at home a lot, eating a lot of fruit and vegetables, and some meat- always the top quality of what's on offer in the supermarket. We like fresh shrimp, exotic cheeses and some processed foods, like peanut butter. Anything we want to eat at home, we buy. We eat little of what people would call "junk food", which tends to be expensive, as well as not very good for your health.

When we go out, typically to middle class, Mexican restaurants, we spend an average of 350 pesos, including drinks and tips. We try to avoid eating in restaurants of poor quality, as well as avoiding those known to be expensive.

Our cable TV, internet service, and telephone cost 500 pesos per month, combined.

We both have cell phones, and they cost us a total of 350 pesos per month to operate, with a moderate level of use.

We don't have a car, so we go everywhere by taxi, which costs 20 pesos per ride within the city center. Go further out, and the fares can reach 22 to 25 pesos. Taking a taxi from a taxi stand can cost more, and we do this when we go shopping and buy a lot; then, we pay 35 pesos.

Of course there are a great many more things that people routinely pay for, and I won't try to enumerate them all; but, we also go to the movies on Wednesdays, paying 36 pesos, each, for tickets.

I have intentionally omitted expenses for other forms of entertainment, alcoholic beverages, clothing, medical/medical insurance and travel as these will vary greatly, according to your requirements, and can add significantly to the cost of living, here, or anywhere else.

 

The property taxes on our house cost us less than $50 USD per year...that's our whole housing bill. Granted we have to maintain the house on top of that. And the house is severely undervalued, that is it's market value is far higher than the book value that we pay taxes on. But all-in-all this is a cheap place to own a house.

Now don't even get me started on how "expensive" it is to own a condo here...the condo we own here just gives us fits...not because of financial cost but because getting people here to "get along" and manage a common building is like...um...herding cats...no, actually, it's worse.

After seeing what I've seen in 6 years of living here I would only recommend condo/townhouse ownership here to PEOPLE I DO NOT LIKE! It's not a wise investment here.

But owning a house here, well, that can be a bargain.

 

I just want to say school fees are expensive here! So families thinking of moving here need to take that into consideration.
Tracey

 

School tuition in Cancun

Tracey, do you think you, or someone else, could give us specifics on that?

 

When my daughter was at IAS I thought it was quite inexpensive compared to the private schools I had her in back in the US (less than half the cost).

Also I paid IAS for the full year at the beginning of the school year and got a significant discount.

But if you are trying to make a living in this economy and don't have savings to prepay and get a discount then the cost really becomes a matter of perspective.

 

What about some numbers, ladies, "expensive" is relative, isn't it?

 

For 2007-2008 the expenses I paid at IAS amounted to a little over $50,000 pesos for enrollment. That included books, uniforms, locker rental, year book, tuition. There was a 10% discount for prepayment of tuition. Other expenses (Model U.N. trips and things) come up throughout the year, but those were the basic expenses.

The preschool I sent my daughter too in Colorado was about $900 USD a month x 9 months = around $8000 USD a year.

The private high school she's in now in Colorado is almost $20,000 USD a year including a lot of trips. Last year they spent 2 weeks backpacking, another 2 weeks canoeing part of the Lewis & Clark trail, and they took 2 trips to Mexico to work in orphanages and study US/Mexico border issues.

Cost has never been a deciding factor in where we sent our daughter, quality of her education and quality of community are the deciding factors.

 

VISA BASED ON FINANCIAL SELF-SUFFICIENCY

FM3, VISITANTE RENTISTA

If you are interested in living in Mexico, and wish to have official permission to do so, one of the ways to do this is with an FM3 Visitante Rentista. Rentista means wealthy, but in practice that just means you have financial resources sufficient to live in Mexico, without working, for a period of one year.

The resources required may be in the form of an income stream from abroad, or cash in the bank from which you can draw; and, if based on an income stream, then the equivalent of $13,250 pesos per month. If based on money in the bank, there is no clear guidance on this in the law, but a sum the equivalent of 15 times $13,250 pesos should suffice, as it would be more than the total of 12 months of the required income stream. (The law also states that you only need half these sums, if you own your own residence, in Mexico.) If relying on money on deposit in the bank, more is better, up to a point, so no doubt is left about your ability to support yourself for one year.

The amounts mentioned above are for one person; but, a married couple, applying together, may not need the equivalent of 2X the above sums, but should have significantly more than that required for one.

If you intend to rely on an income stream, then it must be reflected as a regular deposit to your bank account in your monthly statements.

As with anything, knowing what you'll need, and preparing ahead of time may make the difference between success and failure. Now, as to what you'll need to have, in order to apply.

a) the original, and a copy, of the application, itself;
b) your passport, and a copy of each and every page of it, whether blank, or not;
c) the original, and a copy of the document given you when you entered Mexico: for many of you this will be an FMT;
d) a letter in Spanish, signed by yourself and addressed to the National Institute of Migration, in which you request a change of your status in the country to that of non-immigrant, Visitante Rentista, to live in Mexico at your own expense, relying on resources from outside the country;
e) the last three monthly statements (originals) from a bank account standing in your name, which either reflect the required income stream, or the balance on deposit, if you're relying on a sum on deposit, rather than an income stream (you will have brought these bank statements with you when you entered Mexico, so you are ready to begin this process), and a copy of each statement;
f) official translations of the three bank statements (easily obtained in Cancun, after you arrive), and copy of each translation;
g) proof that you've paid the initial fee required of you with the application, consisting of the receipt you will be given when you pay the required fee at any bank in Mexico, and three copies of same;
h) proof of your actual residence in Mexico, which can be a paid utility bill, bearing your actual address, for a utility service which is billed in your name; or, if the utility account is in the name of another, then- a letter from that person, 1) signed under a declaration they are telling the truth; which 2) shows the address of the property; and, 3) names you as living there, with 4) the date on which you began living there- together with a copy of their personal identification; and, a copy of each and every one of these.

These documents, submitted to the Immigration Offices, are sufficient to start the process of review. In Cancun, you may be told to come back in one week, at which time you will be told if your application has been approved. If approved, you will be given a date and time to return, and a new set of instructions to follow. You will be asked to pay an additional sum at a bank; and to have photos made of you which follow certain guidelines, both front and side views.

There will be additional visits to be made before the process is complete, but if you've gotten this far, the rest should be easy.
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To read about a real life experience with this process, you can find an example on page "4" (the previous page) of this thread.

 

Fees at IAS have increased. We have 2 kids and pay just over 11,000 pesos a month for school fees. The inscription was more than a months fees, add books and uniform and it becomes quite expensive.
Compared to the private school my girls went to in the UK it is cheap- but the school in the Uk was worth it!
I believe IAS gives a reduction for the third child of any family.
Tracey