From cobblestone colonial towns to miles of sun-soaked coastline, Mexico packs it all within its borders, and remote work has handed a new wave of homebuyers the keys. More Americans are buying there while keeping their US careers and income.
The team at REMAX Headquarters sat down with Sergio Felgueres Hernández, CEO and General/National Director of REMAX Mexico, for an insider’s view of who is buying, why they are moving and where they are landing.
Key Takeaways
- Buyers can choose colonial towns, coastal communities or major cities like Mexico City.
- Remote work is drawing US professionals and digital nomads who work for companies abroad.
- Housing costs run far below comparable US markets. Mexico City rents are a fraction of San Francisco’s.
- Home prices run roughly 40 to 60 percent below comparable US properties, according to Felgueres Hernández.
- REMAX agents help foreign buyers with registration, financing paperwork and local recommendations.
Why are people moving to Mexico?
Mexico is huge and wildly diverse, and that is half the fun. In a single country you can chase charming colonial towns, some of the world’s most beautiful beaches and a handful of the biggest cities in the world. Mexico City is the cosmopolitan headliner, famous for its food and nightlife.
According to Felgueres Hernández, the rise of remote work flipped the script on this vacation hotspot. With many offices left sitting empty in the wake of COVID-19, people quickly realized they could live in the location of their choosing and keep their career intact.
Some Mexico City residents relocated to a lake town tucked in the mountains about an hour and a half from the capital, chasing an easier pace within driving distance of the urban center. Others moved to cities ranked among the safest in Latin America. Meanwhile, international digital nomads and US professionals continued to pour in, clocking into US companies from their balcony or beachfront in Mexico.
What does everyday life in Mexico look like?
Life in Mexico bends to your desired pace. In Mexico City, the day runs on world-class food, nonstop entertainment and the energy of one of the world’s great capitals. Drive out to the lake town in the mountains and the tempo drops to something calmer that is still an easy trip back to the city. Coastal communities offer a third speed, where the beach sits at the end of the workday rather than the end of a flight.
Felgueres Hernández describes Mexico’s all-encompassing appeal simply: regardless of the kind of life you seek, Mexico has a version of it. For the growing group of remote workers and digital nomads, that can mean working from home during business hours and spending downtime taking in the local culture and scenery.
What makes life in Mexico unique?
Architecture is one of Mexico’s calling cards. The colonial areas are home to historic properties that are unlike anything else in the world, with stone facades, interior courtyards and craftsmanship that predates most US housing stock. Buyers with modern tastes can find showstopping contemporary homes designed by some of the country’s best architects.
But according to Felgueres Hernández, virtually every home has one thing in common: the kitchen is the heart of the house. Homes in Mexico often feature big, beautiful kitchens because that is where residents and guests gravitate. For buyers touring properties, kitchen square footage tends to carry more weight than it would in a comparable US listing.
What should you know before buying in Mexico?
Felgueres Hernández breaks down the money side for buyers coming from abroad, and the math is eye-opening.
For renters, a high-end, two-bedroom home in a prime Mexico City neighborhood such as Polanco runs around $1,800 a month. A comparable place in the Marina district of San Francisco would top $4,000.
For homebuyers, Felgueres Hernández puts the national average price around $2,500 per square meter, beach areas around $3,000 per square meter and high-end neighborhoods close to shopping districts at more than $5,000 per square meter. Stacked against the United States, he estimates the price of a house in Mexico at roughly 40 to 60 percent less than a comparable home north of the border.
Financing is available in Mexico, and Felgueres Hernández says it is relatively easy to secure. Buyers register locally and hand over a short list of documents, and a REMAX agent can help with the rest. He adds a tip for savvy US homebuyers: US financing rates are often better, while Mexican prices are typically lower, so many Americans can come out ahead by securing financing in the United States and buying in Mexico.
How do you start buying a property in Mexico?
When you are ready to start your search, scrolling current listings on remax.com is the quickest way to see what is available and what your budget can buy, from the coast to the capital. REMAX is a global brand with agents in 120 countries worldwide. Whether your search leads you to a new neighborhood or across international borders, a REMAX agent can provide on-the-ground expertise to help you achieve your goal.
Frequently asked questions about buying property in Mexico
Can foreigners buy property in Mexico?
Yes. Foreign buyers can purchase property in Mexico after completing local registration, and a REMAX agent can help gather the required paperwork.
How much does a home cost in Mexico?
The national average price is around $2,500 per square meter, beach areas are priced around $3,000 per square meter and high-end neighborhoods can cost over $5,000 per square meter. Overall, property prices in Mexico can run 40 to 60 percent below comparable US homes.
Can Americans get a mortgage in Mexico?
Financing is available in Mexico for US buyers who register locally. Many US buyers find better financing rates in the United States for a property purchase in Mexico.
Where are Americans buying property in Mexico?
Buyers are landing in Mexico City, in coastal communities along the country’s beaches, in colonial towns and in a lake town in the mountains about an hour and a half from the capital. Cities ranked among the safest in Latin America are also drawing relocations.
