How to Live in Latin America on Less Than $1000 a Month

By Carlos Dela Vega Jan 09 2020, 06:50 AM EST

Aerial view of a city in Mexico — Pexels

The standard of living in Latin America is quite expensive, but there are ways to cut expenses and live in any country in the region with less than a grand a month.

Latin America is the world's most urbanized region. People living in cities in the region grew from 30 percent to 85 percent between 1950 and 2010. It is expected that by 2050, 90 percent of Latin Americans will live in cities. At present, there are more than 55 cities with a population of more than one million and that includes some of the largest metropolitan areas in the world. Moreover, there are also roughly 2,000 cities that are driving Latin America's economy. And no part of the world has been urbanized more rapidly compared to Latin America.

It is not surprising that the standard of living in the region is quite costly. In a report from the World Economic Forum in 2018, cities in Latin America have struggled to absorb new arrivals from the countryside. More than 160 million people or an estimated 25 percent of the region's urban population live in slums and most urban poor lack access to basic services including housing.

But is it possible to live in Latin America on a budget not more than $1000 a month? The answer is "Yes!"

Here are the ways to have a less expensive cost of living in Latin America according to My Latin Life:

1. Get a roommate

Getting a roommate will help you lessen your expenses. An example of this is getting a room that costs around $80 to $100 a month, logically if you have one roommate you will only pay $50 a month. Another big thing also is in buying your groceries. You can split your expenses in grocery and taxi fare.

2. Choose a longterm apartment rental

If you plan to stay for more than six months in Latin America, you better visit websites that offer six month rentals. This will help you to save more money compared to staying in a house accredited by Airbnb. However, if you want to know more about the neighborhood before renting an apartment, you can choose to book an Airbnb for a month. It is also recommended that you live in middle-class cities in Latin America because they are safer and more accessible to buses and taxi.

3. Use public transportation

Taking public transportation is still the best way to save money. Though there are transportation services like UBER and taxi that are not expensive they are only best for short rides. If you want to save money just in transportation alone, you have to look for an apartment where a subway is steps away from your home. Consider also that the location of your apartment id near the place where you work, restaurants, and best places for nightlife. Through this, it will not be hard for you took for transportation services.

4. Shop at local markets

Food is a basic necessity. There is always a need to spend money on this. There are markets in Latin America that offer cheaper prices compared to a chain supermarket. An example of this is in Mexico where a kilo of red peppers in the supermarket worth $3 but this is only offered at $2 in the neighborhood. This is the same also with potatoes, it cost $1.20 in the chain supermarket but this only costs $0.80 in the local market. However, if you don't love cooking, you can look for the nearest university that has plenty of affordable eateries.

5. Choose your city wisely

There are cities in Latin America that are quite expensive, but there are also some places where you can spend less than $1000 a month. The smaller the city, the cheaper the lifestyle is. Here are some cities where you can live without spending more than $1000 a month: