Lake Chapala Mexico Cost Of Living 2020
One of the most asked questions on web boards is, “What does it cost to live in Lake Chapala?” Obviously the answer can vary greatly. I know couples who live on as little as a $1000 per month including rent and it goes up from there. Depending on your lifestyle, and whether you own or rent, the true cost of living Lakeside can vary.
In this blog I've re-examined our expenditures and updated them for 2020 providing you with the most accurate average 'cost of living' possible.
Inspiration for this blog came from a Jerry Brown Travels YouTube videos.
In 2017 Jerry and Lori spent $1390/mo without rent
Updated in 2018, Jerry and Lori spent $1500/mo without rent
So how do our costs compare with Jerry & Lori's?
(All costs below are in USD and are based on a couple with 2 cars)
Michaela & Ricardo $600/mo.
Michaela & Ricardo $30/mo. Cost $30
Car Insurance/Gas/Repairs/Air Care/Tax (for 2 cars)
Michaela & Ricardo $200/mo.
Michaela & Ricardo $15/mo
Cell phones(2)/House phone/Internet
Michaela and Ricardo $45/mo.
(cell phones include unlimited calling to the U.S. and Canada and House phone
includes 100 calls per month to 42 countries with no time limit)
Medical/Dental Visits, Medication & Annual Tests
Michaela and Ricardo $50/mo.
Utilities (Gas/Electric/Home Repairs/Gardener/Maid (1X per week))
Michaela & Ricardo $300/mo.
(Note: Our electric and gas comes to only $50/mo.)
Miscellaneous - Personal Items/clothing/gym/yoga/massages, etc
Michaela & Ricardo $150/mo.
Missed Items - Anything I might have missed
Cost of Living
Total Cost Of Living $1440
Compare these costs to Jerry & Lori's and they provide you with a very accurate accounting of the cost of living in Lake Chapala!
Rents vary from $300 to over $2000 dollars but most common would be between $800-$1000 (we were paying $800 when we left our rental) so let's average it out to $900 for the purposes of this blog
Grand Total Cost Of Living & Renting A Home $2340 USD/month for a couple (2 cars)
Owning Your Own Home
Of course it you own a home, cost of living is drastically reduced.
Take the $1440/month and add approximately:
Property Tax - $240/year - $20 per month (we just paid $250)
Water - $240/year - $20 month (we just paid $150)
...and depending on where you live you might have an HOA
HOA - Avg. $75/month (we live in an independent home so no costs)
Large Home Repairs (roof, painting etc) - $1000/year - $80/month (I have to throw something in for Maintenance)
Grand Total Cost Of Living & Owning A Home $1635 USD/month for a couple (2 cars)
So if you have money to invest in a home ($150,000-$250,000), it makes good economic sense to purchase a home, saving you approximately $700/month or $8400/year!
A big item that is missing here is Medical Insurance. This, too, can vary widely depending on a number of factors such as age, health, deductibles, etc. so I have purposely left it out. Please read my other blog on Health Care Options In Mexico.
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Thanks for Reading!