Cost Of Living For a Family in Ojo de Agua 2024

Average monthly spending for families in Ojo de Agua

We consider a family to be a member of four members, two adults and two children. This is the most common type of family. From the figures below, it should be fairly easy to calculate the average spending for families of different sizes.

How much money does a family need in a month to survive in Ojo de Agua?

Families in Ojo de Agua spend around 79,000 MXN per month on average. Depending on the lifestyle, a family can survive with a monthly budget as low as 28,000 MXN or as high as 510,000 MXN. Location and income are very important factors and have a huge influence on expenditure and budget.

Family expenditure to income ratio in Ojo de Agua

Analysing the how affordable it is for families to live in Ojo de Agua

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in. Families usually spend a larger chunk of their income than other population groups. A typical and healthy expenditure percentage for a family of four ranges between 70% to 80%.

Families in Ojo de Agua spend around 84% of their monthly income. Some families spend as low as 75% of their income while some as high as 93%.

How do families spend their money in Ojo de Agua?

We asked thousands of families about their spending habits and expenditure break down.

Housing and accomodation expenditure for families

Families in Ojo de Agua typically spend from 22% to 37% of their total monthly expenditure on housing with 27% being the average. The average monthly spend on housing is 25,000 MXN with expenditure ranging from 8,900 MXN to 160,000 MXN. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for families

Utility expenditure like electricity, water, and gas in Ojo de Agua ranges from 3% to 8% of total expenses with 5% being the average for most families. The average monthly cost of utilities is 4,000 MXN with 1,400 MXN and 26,000 MXN being the upper and lower limits for a family of four.

Transport, fuel, and commute expenditure for families

Fuel consumption and cost of transport depend heavily on whether a family resides near school and work, but roughly speaking a family would expect to spend from 2,800 MXN to 51,000 MXN in a month on commuting with 7,900 MXN being the norm for most families. This means that money spent on transport constitutes about 6% of total spending on average but can go as low as 4% or as high as 8%.

Food, groceries, and basic shopping expenditure for families

The average outlay on groceries and basic houshold items for a typical family in a month in Ojo de Agua is 14,000 MXN. The cost of groceries can range between 5,000 MXN to 92,000 MXN. Families spend on average about 20% on food and groceries with upper and lower bounds of 13% and 26% respectively.

Healthcare and medical services expenditure for families

Families in Ojo de Agua allocate 6% to 15% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 10%. The range of medical expenses range from 2,500 MXN to 41,000 MXN with 7,900 MXN being the norm for most families.

Leisure and shopping expenditure for families

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,400 MXN to 26,000 MXN with 4,000 MXN being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most families.

Education and schooling expenditure for families

Spending on education can vary drastically between different families. On average, education constitutes 14% of the monthly expenditure of families with 7% and 22% being the lower and upper bounds respectively. The average reported education cost is 11,000 MXN per month with 3,900 MXN being the minimum spent amount and 72,000 MXN being the maximum.

What percentage of families in Ojo de Agua are able to save money and how much can they save?

Percentage of families that reported their ability to save money

Almost 56% of surveyed families in Ojo de Agua said that they can save some money at the end of each month while 44% reported that they have to utilize their whole income to survive.

How much money do families manage to add to their savings?

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for families

Interpretation and Analysis

Families that are able to save money can put anywhere from 12% to 29% of their monthly income to their savings, with 19% being the average for most families. The average monthly amount of money that families can put aside is 30,000 MXN with 10,000 MXN and 190,000 MXN being the minimum and maximum respectively.

Saving Challenges in Ojo de Agua

Reasons that make it difficult for families to save money

We wanted to understand what is stopping families from maximizing their savings in Ojo de Agua. Listed below are the answers given by the survey participants.

Around 6% of the families said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 16% of the residents said that they are burdened with debt and find it challenging to save money. 11% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 10% of families blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 6% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 19% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 12% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Typical saving choices for families in Ojo de Agua

Where do people choose to put their savings?

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

• 50% for needs and financial obligations

  This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

• 30% for wants and discretionary spending

  This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

• 20% for savings and emergency fund

  This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

Affordable living in Ojo de Agua

Income and cost of living compatibility

We asked families one simple question and recorded their answers.

Is it affordable or economical to live in Ojo de Agua?

Around 68% of surveyed families think that living in Ojo de Agua is affordable with proper budgeting while 32% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Ojo de Agua

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked families how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options58%

Few low-cost options42%

Based on the survey, 58% of the families living in Ojo de Agua have no problem finding low-cost alternatives to support a frugal lifestyle while 42% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Families

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked families of Ojo de Agua whether they have an emergency fund and the answers were as follows.

Yes67%

No33%

Based on the survey, 33% of the families living in Ojo de Agua said that they don't have an emergency fund while 67% said that they do.

Financial Literacy in Mexico

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy65%

We asked family guardians and parents in Ojo de Agua whether they acquired any adequate personal financial training in their lives. Approximately 35% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 65% said that they know about the general principles of personal finance from sources other than their own experience.

Difficulty in Budgeting and Financial Planning

We wanted to understand whether families of Mexico have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 28% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 72% said that they have everything under control.

Struggles with finance28%

Easily manages finances72%

Financial goals of families in Ojo de Agua

In an attempt to understand the economic situation in Ojo de Agua, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.

Around 7% of families said that their main goal is to establish an emergency fund to cover unexpected expenses while 38% said their number one priority is to pay off high-interest debt or loans and improve credit. 9% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 8% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 9% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 11% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Ojo de Agua

Percentage of families who are in debt

According to the survey, 24% of the families in Ojo de Agua have some kind of debt, loan, mortgage, or credit card payments while 76% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Ojo de Agua

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 27% of a family's monthly income in Ojo de Agua goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Ojo de Agua pay 60%+ of their income as debt settlement while 15% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 13% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 15% dedicated 30% to 40% of income for same. Things are looking brighter for 13% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Ojo de Agua

11% of debtors in Ojo de Agua confirm that real estate mortgages constitutes the main part of their outstanding debt while 27% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 19% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 3% of debtors in Ojo de Agua.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.

Loan Affordability Index in Ojo de Agua

Besides measuring the loan-to-income ratio, we asked families of Ojo de Agua how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Housing costs, accommodation, and housing affordability in Ojo de Agua

Rent Cost in Ojo de Agua

Monthly Rent Prices

Studio apartment monthly rent cost

4,500 MXN

6,800 MXN

18,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$270

$400

$1,100

1-bedroom apartment monthly rent cost

6,800 MXN

11,000 MXN

27,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$400

$640

$1,600

2-bedroom apartment monthly rent cost

9,000 MXN

14,000 MXN

36,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$530

$800

$2,100

3-bedroom apartment monthly rent cost

11,000 MXN

18,000 MXN

49,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$640

$1,100

$2,900

Furnished apartment monthly rent cost

22,000 MXN

54,000 MXN

110,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,200

$6,400

Townhouse monthly rent cost

18,000 MXN

27,000 MXN

78,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,100

$1,600

$4,600

House monthly rent cost

22,000 MXN

54,000 MXN

110,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,300

$3,200

$6,400

Villa monthly rent cost

27,000 MXN

68,000 MXN

110,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,600

$4,000

$6,400

The monthly rental cost of a studio apartment in Ojo de Agua ranges between 4,500 MXN and 18,000 MXN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 6,800 MXN to 27,000 MXN. Two-bedroom rentals rate ranges between 9,000 MXN and 36,000 MXN per month. The monthly rental for a three-bedroom apartment ranges from 11,000 MXN to 49,000 MXN. The average rent of a townhouse in Ojo de Agua is around 27,000 MXN while house rental costs can be as high as 54,000 MXN per month. Finally, if you want to rent a villa, expect to pay anywhere from 27,000 MXN to 110,000 MXN per month.

Apartment and house prices in Ojo de Agua

Cost of buying a property

Studio apartment price

900,000 MXN

1.4M MXN

2.7M MXN

MINIMUM

AVERAGE

MAXIMUM

$53,000

$80,000

$160,000

1-bedroom apartment price

1.1M MXN

1.8M MXN

6.8M MXN

MINIMUM

AVERAGE

MAXIMUM

$64,000

$110,000

$400,000

2-bedroom apartment price

1.8M MXN

5.4M MXN

11M MXN

MINIMUM

AVERAGE

MAXIMUM

$110,000

$320,000

$640,000

3-bedroom apartment price

6M MXN

9M MXN

27M MXN

MINIMUM

AVERAGE

MAXIMUM

$360,000

$530,000

$1.6M

Townhouse price

7.8M MXN

18M MXN

68M MXN

MINIMUM

AVERAGE

MAXIMUM

$460,000

$1.1M

$4M

House price

9M MXN

54M MXN

78M MXN

MINIMUM

AVERAGE

MAXIMUM

$530,000

$3.2M

$4.6M

Villa price

11M MXN

60M MXN

90M MXN

MINIMUM

AVERAGE

MAXIMUM

$640,000

$3.6M

$5.3M

The average price of a studio apartment in Ojo de Agua can range from 900,000 MXN to 2.7M MXN depending on location. One bedroom cost can be anywhere from 1.1M MXN to 6.8M MXN. A villa can cost you 60M MXN on average with prices ranging from 11M MXN to 90M MXN.

House / apartment prices to income ratio

Property prices in Ojo de Agua can be x122 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x122 multiples of the average monthly salary in Ojo de Agua.

Rent to income ratio

The average rent-to-income ratio in Ojo de Agua is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 22% to 42% depending on the salary, location, and type of property.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Ojo de Agua

Energy, electricity, water, gas, internet, and mobile cost in Ojo de Agua

Utility Bill Cost / Electricity + Water + Gas / Family

1,400 MXN

4,000 MXN

26,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$82

$230

$1,500

Internet and cable cost

280 MXN

550 MXN

740 MXN

MINIMUM

AVERAGE

MAXIMUM

$16

$33

$44

Mobile phone bill and charges

220 MXN

370 MXN

1,100 MXN

MINIMUM

AVERAGE

MAXIMUM

$13

$22

$65

The average monthly energy and water consumption of families is around 4,000 MXN. The cost of internet and WiFi ranges from 280 MXN to 740 MXN with 550 MXN being the average internet bill. Finally, the average monthly mobile charges is around 370 MXN but can range between 220 MXN and 1,100 MXN depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Ojo de Agua is around 4.8%. This means that people pay 4.8% of their income for energy, water, internet, and mobile charges. Those figures can range from 1.9% to 8.7% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Ojo de Agua

Prices and cost of goods and services in Ojo de Agua

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

55 MXN

110 MXN

180 MXN

MINIMUM

AVERAGE

MAXIMUM

$3.3

$6.5

$11

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Ojo de Agua is approximatly 110 MXN with meal cost ranging from 55 MXN to 180 MXN. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

180 MXN

270 MXN

550 MXN

MINIMUM

AVERAGE

MAXIMUM

$11

$16

$32

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 180 MXN and 550 MXN with 270 MXN being the average price of a plate for one person at a regular restaurant in Ojo de Agua.

Fine dining meal for one price

370 MXN

550 MXN

2,200 MXN

MINIMUM

AVERAGE

MAXIMUM

$22

$32

$130

The price range of a meal at fine-dining restaurant is 370 MXN to 2,200 MXN with the average cost being 550 MXN for one person. This is what you would expect to pay a top-tier diner in Ojo de Agua.

Beverage prices, cappuccino, latte etc..

46 MXN

74 MXN

110 MXN

MINIMUM

AVERAGE

MAXIMUM

$2.7

$4.4

$6.5

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Ojo de Agua is around 74 MXN. Price ranges between 46 MXN and 110 MXN depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

37 MXN

44 MXN

55 MXN

MINIMUM

AVERAGE

MAXIMUM

$2.2

$2.6

$3.3

The average price of a large bottle of milk in Ojo de Agua is 44 MXN. The maximum what you would pay for milk is 55 MXN and the minimum being 37 MXN depending on the brand of milk and other properties.

12 eggs price

28 MXN

37 MXN

55 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.2

$3.3

A dozen eggs costs around 37 MXN on average with 28 MXN and 55 MXN being the lower and upper limits respectively.

Fresh whole chicken price

63 MXN

81 MXN

120 MXN

MINIMUM

AVERAGE

MAXIMUM

$3.7

$4.8

$6.8

The price range of a fresh whole chicken in Ojo de Agua is between 63 MXN and 120 MXN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 81 MXN.

Pack of beef price

74 MXN

110 MXN

220 MXN

MINIMUM

AVERAGE

MAXIMUM

$4.4

$6.5

$13

The price of a regular pack of beef or meat is around 110 MXN. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

30 MXN

41 MXN

58 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.8

$2.4

$3.4

A bag of rice in Ojo de Agua costs around 41 MXN on average with prices rangeing between 30 MXN and 58 MXN depending on the brand and quality.

Bag of tomatos price

11 MXN

15 MXN

28 MXN

MINIMUM

AVERAGE

MAXIMUM

$0.65

$0.87

$1.6

A bag of tomatoes costs anywhere from 11 MXN to 28 MXN. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

20 MXN

26 MXN

43 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.2

$1.5

$2.5

A bag of apples costs 26 MXN on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Ojo de Agua is around 24%. This means that families spend 24% of their income on grocery and basic household items. The expenditure can range from 16% to 30% depending on salary and location.

Expenditure on food and grocery for families