{"id":48489,"date":"2023-10-29T22:25:39","date_gmt":"2023-10-30T03:25:39","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=48489"},"modified":"2023-10-29T22:30:15","modified_gmt":"2023-10-30T03:30:15","slug":"vacation-home-buyers-are-heading-to-mexico","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/vacation-home-buyers-are-heading-to-mexico\/","title":{"rendered":"Vacation Home Buyers Are Heading to Mexico"},"content":{"rendered":"

The trend is clear: more and more Canadians and Americans are heading south to buy vacation property in Mexico. And why not? The chance to soak in some sun, enjoy the fabulous Mexican culture, and get a better bang for your buck are some great reasons to head south.<\/p>\n

And don\u2019t just take my word for it: a 2019 Forbes article<\/a> stated that, at that time, over 500,000 Americans owned property in Mexico. Can you imagine what that number is today, following the pandemic?<\/p>\n

An article from Mexico News Daily<\/a> gives us a little insight into that, stating that from 2021 to 2022 there was a 60% increase in U.S. internet searches related to purchasing Mexican real estate. Canada saw a decrease in search volume (no surprises there), while many Central American nations such as Costa Rica, Nicaragua, Belize, and Panama also saw increases, although not close to that of Mexico.<\/p>\n

So, what is it about Mexico that is so compelling these days?<\/p>\n

People are over the drama at home<\/strong><\/h2>\n

\"Vacation<\/p>\n

Doesn\u2019t it feel like we are constantly jumping from outrage to tragedy to government scandal to social unrest and back again? And guess what? The constant drama going on in Canada and the U.S. is exhausting, and people are OVER it.<\/p>\n

So, they are voting with their dollars and opting to buy their vacation homes somewhere where they can escape the insanity of home and actually relax<\/em> away from the perpetual bad news. Isn\u2019t that the whole point of a vacation \u2013 to get away from it all?<\/p>\n

While Mexico is definitely at the top of the list, people are also increasingly ignoring the fear porn and heading even further south into Central America, to countries like Costa Rica, Panama, and Nicaragua.<\/p>\n

Better bang for your housing buck<\/strong><\/h2>\n

If you are in the market for a vacation home, perhaps at a nearby lake or in the mountains, be prepared for some sticker shock. And multiply that by a factor of 10 if you are interested in a place on the beach. This is especially true in Canada, where we have a massive real estate bubble<\/a> making it difficult to purchase a primary residence, let alone a vacation property.<\/p>\n

\"Vacation<\/p>\n

Source: www.macleans.ca<\/a><\/p>\n

While the United States is not as bad as Canada for overall affordability, the cost of vacation homes in both countries is high. According to this 2022 Forbes article<\/a>, the average cost for a vacation home in the U.S. in 2022 was $429,000 USD. According to this 2021 Global News article<\/a>, the average cost for a vacation home in Canada was just over $500,000 CAD. Naturally, this varies widely across regions and, the more desirable the location, the higher the price.<\/p>\n

Regardless, that\u2019s a pretty penny to spend for a vacation home, especially at today\u2019s interest rates.<\/p>\n

Even with the surging Mexican peso, the average American and Canadian can stretch their money much further in Mexico. This is because inputs such as construction costs are so much lower, even if the cost of materials is similar. Your $500,000 could buy you a beautiful beach villa with a private pool in Mexico, while perhaps only getting you a rundown mobile home (but it\u2019s lakefront!) in Canada. That is a true story, by the way.<\/p>\n

Lower cost of living<\/strong><\/h2>\n

\"Lower<\/p>\n

It is no secret that the cost of living in Mexico is much lower than it is in the U.S. and Canada. Escape Artist<\/a> did a whole article about this back in August, detailing how a retired couple could live comfortably on US$2300\/month. That figure even includes rent, so if you own your vacation home outright, your monthly costs would likely be less than that!<\/p>\n

How much are your groceries costing these days? How about your gas? And your electricity? Now, imagine how much you could save by dipping out of the country for a few months at a time.<\/p>\n

If you are in the market for a vacation home, it definitely makes sense to look to other jurisdictions where your money can stretch further on both your vacation home itself, and your monthly expenses.<\/p>\n

Better climate \u2013 obvi!<\/strong><\/h2>\n

\"Better<\/p>\n

I mean, is there even much to say about this one? It\u2019s pretty self-explanatory. We all dream of living somewhere warm, particularly as we age and have hit our expiry date for snow shoveling.<\/p>\n

BUT, I think more and more people are answering the call of the tropics and heading to Mexico to invest in a vacation home for other reasons<\/a> than just the weather itself.<\/p>\n

I used to think there was a fair tradeoff for living in the frozen cold north: our society was relatively safe and we were paid well. That gave us the freedom to vacation in places with much better weather, like Mexico. While we would gripe about it being too cold at home \u2013 I say this as I look outside at the cold grey day, gnashing my teeth \u2013 we knew we had it pretty good from a quality-of-life perspective.<\/p>\n

Take away that quality of life with gems like:<\/p>\n