The Mexico City has been highlighted as the second most expensive city to live in Latin Americaaccording to the prestigious world ranking of the Mercer Consulting. It’s just surpassed by Nassau, in the Bahamasin terms of cost of living.
Mercer’s study, known as the Cost of Living Cities Ranking 2024positions the Mexican capital in the 33rd place worldwide, a notable rise from 79th place last year. This increase reflects a significant increase in the cost of living in Mexico City during the last year.
Why is CDMX the most expensive city to live in AL?
Experts point out that inflation, the relocation of workers due to nearshoring and the appreciation of the peso against the dollar They are key factors that have influenced this increase that positions Mexico City as the entity.
The Mobility leader at Mercer Mexico, Amalia Suaste, highlighted that “the affordability of having goods and services for international assignees shows the upward effect in the Mexican territory, the logistical details and the import effect are also representative.”
Furthermore, it highlights the importance of monitoring the global situation to make sound decisions regarding international assignments.
The increase in the cost of living in Mexico City reflects significant economic changes that impact both locals and foreigners. This phenomenon highlights the need for analysis and strategic adaptations by employers and employees to face the challenges of living in one of the most expensive cities in Latin America.
Monterrey, on the radar of the most expensive cities to live in
Another Mexican city that appears in Mercer’s ranking is Monterrey, located in 115th place globally and in tenth position in Latin America. Although far from the Mexican capital, Monterrey has also seen an increase in the cost of living, influenced by similar economic factors.
In the regional context, Nassau and Mexico City lead the list of most expensive cities in Latin America. They are followed by San José, in Costa Rica; Montevideo, in Uruguay; and Sao Paulo, in Brazil.
The top 5 of the most expensive cities to live in the world
Worldwide, Hong Kong takes first place, followed by Singapore. The Swiss cities of Geneva, Basel and Zurich complete the top five positions, reflecting the high cost of living associated with quality of life in Switzerland.
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