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Mexico’s economy has shown steady growth, with a projected GDP of $1.82 trillion in 2025. The inflation rate remained high at 4.7% in 2024, impacting the cost of living. The average monthly income has increased to $902 USD in 2025, reflecting a 3.7% annual growth.
Despite wage growth, living costs have risen significantly, reaching $1,537 per month in 2025. Housing remains the biggest expense at $550 (35.8% of total costs), followed by food at $215 (14%). The sharpest increase in recent years has been in housing, with a 6% rise in 2024 and another 3.8% in 2025. Food costs have been more stable, increasing by just 2.4% in 2025.
Overall, while incomes continue to rise, the cost of living is growing at a similar or even higher rate, particularly in urban areas, making affordability a key concern for many households in Mexico.
Let’s take an in-depth look at Mexico’s economy, income levels, and living costs from 2010 to 2025. Get detailed insights on rent, food, and other expenses.
Country Overview
| Aspect | Details |
|---|---|
| Capital | Mexico City |
| Population | 132 million (2024) |
| Currency | Mexican Peso (MXN) |
| Official Language | Spanish |
| GDP (2025)⤤ | $1,817.82 Billion |
| Inflation Rate (2024) | 4.7% |
| Average Monthly Income (2025) | $883 USD |
Living Cost Per Month (Per Person) Breakdown (2025)
Note: Costs are presented in USD for standardization.
| Expense Category | Cost (USD) | Percentage (%) |
|---|---|---|
| Housing | $550 | 35.8% |
| Food | $215 | 14.0% |
| Transportation | $40 | 2.6% |
| Utilities | $65 | 4.2% |
| Healthcare | $63 | 4.1% |
| Entertainment | $160 | 10.4% |
| Miscellaneous | $150 | 9.8% |
| Total | $1,537 | 100% |
Income Per Month (Per Person) Table (2010-2025)
Note: Income data is presented in USD for standardization.
| Year | Income (USD) | Growth (%) |
|---|---|---|
| 2010 | 578 | — |
| 2011 | 590 | 2.1% |
| 2012 | 605 | 2.5% |
| 2013 | 620 | 2.5% |
| 2014 | 635 | 2.4% |
| 2015 | 650 | 2.4% |
| 2016 | 670 | 3.1% |
| 2017 | 690 | 3.0% |
| 2018 | 710 | 2.9% |
| 2019 | 730 | 2.8% |
| 2020 | 750 | 2.7% |
| 2021 | 770 | 2.7% |
| 2022 | 800 | 3.9% |
| 2023 | 830 | 3.8% |
| 2024 | 870 | 4.8% |
| 2025 | 902 | 3.7% |
Living Cost Per Month (2010-2025) (Per Person)
Note: Costs are presented in USD for standardization.
| Year | Living Cost (USD) | Growth (%) |
|---|---|---|
| 2010 | 1,000 | — |
| 2011 | 1,030 | 3.0% |
| 2012 | 1,060 | 2.9% |
| 2013 | 1,090 | 2.8% |
| 2014 | 1,120 | 2.8% |
| 2015 | 1,150 | 2.7% |
| 2016 | 1,180 | 2.6% |
| 2017 | 1,210 | 2.5% |
| 2018 | 1,240 | 2.5% |
| 2019 | 1,270 | 2.4% |
| 2020 | 1,300 | 2.4% |
| 2021 | 1,330 | 2.3% |
| 2022 | 1,370 | 3.0% |
| 2023 | 1,410 | 2.9% |
| 2024 | 1,480 | 5.0% |
| 2025 | 1,537 | 3.8% |
Breakdown of Housing Cost Per Month (2010-2025) and Food Cost Per Month (2010-2025)
Note: Costs are presented in USD for standardization.
Housing Cost Per Month (2010-2025)
| Year | Housing Cost (USD) | Growth (%) |
|---|---|---|
| 2010 | 350 | — |
| 2011 | 360 | 2.9% |
| 2012 | 370 | 2.8% |
| 2013 | 380 | 2.7% |
| 2014 | 390 | 2.6% |
| 2015 | 400 | 2.6% |
| 2016 | 410 | 2.5% |
| 2017 | 420 | 2.4% |
| 2018 | 430 | 2.4% |
| 2019 | 440 | 2.3% |
| 2020 | 450 | 2.3% |
| 2021 | 460 | 2.2% |
| 2022 | 480 | 4.3% |
| 2023 | 500 | 4.2% |
| 2024 | 530 | 6.0% |
| 2025 | 550 | 3.8% |
Food Cost Per Month (2010-2025)
| Year | Food Cost (USD) | Growth (%) |
|---|---|---|
| 2010 | 140 | — |
| 2011 | 145 | 3.6% |
| 2012 | 150 | 3.4% |
| 2013 | 155 | 3.3% |
| 2014 | 160 | 3.2% |
| 2015 | 165 | 3.1% |
| 2016 | 170 | 3.0% |
| 2017 | 175 | 2.9% |
| 2018 | 180 | 2.9% |
| 2019 | 185 | 2.8% |
| 2020 | 190 | 2.7% |
| 2021 | 195 | 2.6% |
| 2022 | 205 | 5.1% |
| 2023 | 210 | 2.4% |
| 2024 | 210 | 0.0% |
| 2025 | 215 | 2.4% |
Conclusion
Mexico’s economy has experienced steady growth over the past 15 years, with wages gradually increasing to match rising living costs. While housing costs have increased significantly in urban areas like Mexico City, Monterrey, and Guadalajara, food and transportation remain relatively affordable compared to Western countries.
Despite a moderate inflation rate, Mexico remains a cost-effective destination for residents and expatriates alike, offering a balance between affordability and quality of life.
Sources:
World Bank – data.worldbank.org
OECD – oecd.org
IMF – mf.org
International Living – internationalliving.com
