Cost Of Living in Ojo de Agua 2024
Average monthly spending for singles, couples, students, and families in Ojo de Agua
Whether you're living in Ojo de Agua or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure51,000 MXN
per month$3,0004,000 MXN $230
$30,000 510,000 MXN
Single36,000 MXN
per month$2,10012,000 MXN $700
$14,000 240,000 MXN
Couple59,000 MXN
per month$3,50020,000 MXN $1,200
$19,000 320,000 MXN
Family79,000 MXN
per month$4,70028,000 MXN $1,600
$26,000 430,000 MXN
Student24,000 MXN
per month$1,4009,800 MXN $580
$2,600 44,000 MXN
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Ojo de Agua is 36,000 MXN. Expenses can range from 12,000 MXN at the minimum level to 240,000 MXN at the highest end.
Couples
The average monthly spending of couples in Ojo de Agua is 59,000 MXN. Expenditure can range from 20,000 MXN to 320,000 MXN per month.
Families
The average cost of living for families in Ojo de Agua is 79,000 MXN per month. Families spend anywhere from 28,000 MXN to 430,000 MXN.
Students
The average monthly expenditure for students in Ojo de Agua is 24,000 MXN. Students spend from 9,800 MXN to 44,000 MXN per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Ojo de Agua
Dining, food, and beverages costs
Large bottle of water
Fast food combo meal
Restaurant meal for one
Fine dining meal for one | 370 MXN | 550 MXN | 2,200 MXN |
Soda or Soft Drink
Cappuccino or latte Grocery and market costs
Milk large bottle
Loaf of bread
12 eggs
Fresh whole chicken
Beef 1 kg or 1 lb
Rice 1 kg or 1 lb
Tomato 1 kg or 1 lb
Apples 1 kg or 1 lb Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price | 140,000 MXN | 280,000 MXN | 370,000 MXN |
Bus ticket one way
Car Service | 360 MXN | 540 MXN | 1,100 MXN |
Utility cost (monthly)
Utility Bill - Individual | 710 MXN | 2,100 MXN | 14,000 MXN |
Utility Bill - Couple | 990 MXN | 3,000 MXN | 16,000 MXN |
Utility Bill - Family | 830 MXN | 2,400 MXN | 13,000 MXN |
Internet and cable
Mobile phone charges | 220 MXN | 370 MXN | 1,100 MXN |
Leisure and activities costs
Movie ticket
One month gym membership | 430 MXN | 540 MXN | 1,100 MXN |
Cloths and accessories costs
Pair of jeans or pants
Woman dress | 300 MXN | 420 MXN | 1,400 MXN |
Woman shoes
Men's shoes
Men suit | 270 MXN | 340 MXN | 1,800 MXN |
Regular t-shirt Housing costs / monthly rent
Studio apartment | 4,500 MXN | 6,800 MXN | 18,000 MXN |
1-bedroom apartment | 6,800 MXN | 11,000 MXN | 27,000 MXN |
2-bedroom apartment | 9,000 MXN | 14,000 MXN | 36,000 MXN |
Housing costs / Buying
Studio apartment | 900,000 MXN | 1.4M MXN | 2.7M MXN |
1-bedroom apartment | 1.1M MXN | 1.8M MXN | 6.8M MXN |
| $64,000 | $110,000 | $400,000 |
2-bedroom apartment | 1.8M MXN | 5.4M MXN | 11M MXN |
| $110,000 | $320,000 | $640,000 |
Furniture Costs
King Size Bed | 5,500 MXN | 6,900 MXN | 9,200 MXN |
Double Bed | 3,700 MXN | 5,500 MXN | 6,900 MXN |
Single Bed | 3,300 MXN | 4,300 MXN | 5,500 MXN |
Living Room | 6,200 MXN | 7,900 MXN | 28,000 MXN |
Dining Table | 2,800 MXN | 3,700 MXN | 6,900 MXN |
Sofa or Couch | 3,700 MXN | 5,000 MXN | 11,000 MXN |
Electronics and House Appliance Costs
TV Set | 3,700 MXN | 5,500 MXN | 11,000 MXN |
Fridge or Freezer | 3,300 MXN | 5,000 MXN | 6,900 MXN |
Washing Machine | 4,300 MXN | 6,200 MXN | 11,000 MXN |
Stove or Cooker | 4,000 MXN | 5,000 MXN | 6,900 MXN |
Mobile Phone | 4,600 MXN | 5,500 MXN | 7,900 MXN |
Laptop or Computer | 5,000 MXN | 6,200 MXN | 11,000 MXN |
Expenditure to Income Ratio 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.
Spending to Income Ratio
80%
71% to 89%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 5% |
| 50% - 60% | 10% |
| 60% - 70% | 17% |
| 70% - 80% | 26% |
| 80% - 90% | 18% |
| 90% - 100% | 10% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 2% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Ojo de Agua is 80%
This means that on average, people spend around 80% of their income for living.
According to the distribution table, 17% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
72%
Spending-Income-Ratio
64%
80%
Couple
76%
Spending-Income-Ratio
68%
84%
Family
84%
Spending-Income-Ratio
75%
93%
How do people spend their money in Ojo de Agua?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure25%
25% of total expenses on average (14% to 33%)
| LOW | $70 1,200 MXN |
| AVERAGE | $910 15,000 MXN |
| HIGH | $9,100 150,000 MXN |
| Per Month |
People living in Ojo de Agua typically spend from 14% to 33% of their total monthly expenditure on housing with 25% being the average. The average spend on housing is 15,000 MXN with expenditure ranging from 1,200 MXN to 150,000 MXN. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water7%
7% of total expenses on average (4% to 11%)
| LOW | $12 200 MXN |
| AVERAGE | $150 2,600 MXN |
| HIGH | $1,500 26,000 MXN |
| Per Month |
Utility expenditure like electricity, water, and gas in Ojo de Agua ranges from 4% to 11% of total expenses with 7% being the average. The average monthly cost of utilities is 2,600 MXN with 200 MXN and 26,000 MXN being the upper and lower limits.
Transport, Fuel, Commute8%
8% of total expenses on average (4% to 12%)
| LOW | $23 400 MXN |
| AVERAGE | $300 5,100 MXN |
| HIGH | $3,000 51,000 MXN |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 400 MXN to 51,000 MXN on commuting with 5,100 MXN being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.
Food and Groceries Cost27%
27% of total expenses on average (19% to 33%)
| LOW | $58 990 MXN |
| AVERAGE | $760 13,000 MXN |
| HIGH | $7,600 130,000 MXN |
| Per Month |
The average outlay on groceries in a month in Ojo de Agua is 13,000 MXN. The cost of groceries can range between 990 MXN to 130,000 MXN. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.
Healthcare and Medical Services9%
9% of total expenses on average (4% to 12%)
| LOW | $16 280 MXN |
| AVERAGE | $210 3,600 MXN |
| HIGH | $2,100 36,000 MXN |
| Per Month |
People in Ojo de Agua allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 280 MXN to 36,000 MXN with 3,600 MXN being the norm.
Leisure and Shopping5%
5% of total expenses on average (3% to 9%)
| LOW | $9.3 160 MXN |
| AVERAGE | $120 2,100 MXN |
| HIGH | $1,200 21,000 MXN |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 160 MXN to 21,000 MXN with 2,100 MXN being the average. Speaking of percentages, that equates to 3% to 9% of total expenses with an average of 5% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $14 240 MXN |
| AVERAGE | $180 3,100 MXN |
| HIGH | $1,800 31,000 MXN |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 3,100 MXN per month with 240 MXN being the minimum spent amount and 31,000 MXN being the maximum.
Other Expenses13%
13% of total expenses on average (8% to 20%)
| LOW | $30 510 MXN |
| AVERAGE | $390 6,700 MXN |
| HIGH | $3,900 67,000 MXN |
| Per Month |
How much money can you save in Ojo de Agua every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Ojo de Agua manage to save money from their income every month?
Almost 64% of the surveyed people in Ojo de Agua said that they can save some money at the end of each month while 36% said that aren't saving anything.
Percentage of people saving money by population group in Ojo de Agua
| Group | Savers | Non Savers |
|---|
| Singles | 66% | 34% |
| Couples | 61% | 39% |
| Families | 56% | 44% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
1,500 MXN
$87 | 19,000 MXN
$1,100 | 190,000 MXN
$11,000 |
For most people, 13% to 32% of their monthly income is what they can allocate to their savings, with 21% being the average. The amount of money that people can save is approximately 19,000 MXN on average with savings ranging from 1,500 MXN to 190,000 MXN.
66% of surveyed singles reported some of their income going to savings while 61% of couples said the same. 56% of families confirmed their ability to save money.
How much money do people actually save in Ojo de Agua?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
4,400 MXN
$260 | 13,000 MXN
$780 | 89,000 MXN
$5,200 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 30% |
| 10% - 20% | 24% |
| 20% - 30% | 16% |
| 30% - 40% | 15% |
| 40% - 50% | 11% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 15% to 34% of their monthly income to savings, with 25% being the average for most singles. The average amount of money that singles are able to save is 13,000 MXN with 4,400 MXN and 89,000 MXN being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
7,400 MXN
$440 | 22,000 MXN
$1,300 | 120,000 MXN
$7,000 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 34% |
| 10% - 20% | 26% |
| 20% - 30% | 19% |
| 30% - 40% | 10% |
| 40% - 50% | 8% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 14% to 33% of their monthly income, with 23% being the average for most couples. The average amount of money that couples can save is 22,000 MXN with 7,400 MXN and 120,000 MXN being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
10,000 MXN
$610 | 30,000 MXN
$1,700 | 160,000 MXN
$9,600 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 37% |
| 10% - 20% | 29% |
| 20% - 30% | 20% |
| 30% - 40% | 7% |
| 40% - 50% | 5% |
| > 50% | 2% |
Interpretation and Analysis
Families in Ojo de Agua can save anywhere between 12% to 29% of their monthly income, with 19% being the average for most families. The average amount of money that families can put aside is 30,000 MXN with 10,000 MXN and 160,000 MXN being the minimum and maximum respectively.
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
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Ojo de Agua
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Ojo de Agua?
Around 68% of surveyed residents 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 residents 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 people 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
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 residents 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 people 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 residents of Mexico 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 residents of Mexico have problems or difficulties in managing their expenditures and savings so asked the 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 people 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.
| Financial Goal | % People |
|---|
| Emergency Fund | 7% |
| Debt Reduction | 38% |
| Retirement Savings | 9% |
| Education Funding | 8% |
| Homeownership | 17% |
| Investing | 8% |
| Travel or Lifestyle | 9% |
| Healthcare Expenses | 11% |
| Financial Independence | 7% |
Around 7% of those who participated in the survey 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.
Saving Challenges in Ojo de Agua
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Ojo de Agua. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 6% |
| High Expenses | 9% |
| Debt and Loans | 16% |
| Lack of Budgeting Skills | 11% |
| Impulsive Spending | 10% |
| Financial Emergencies | 6% |
| Living the moment | 6% |
| Will do it later | 19% |
| Inflation | 12% |
| Social Pressure | 3% |
| Market Instability | 3% |
Around 6% of the people 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% 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 societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Ojo de Agua
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 11% |
| Gold | 11% |
| Savings Accounts | 17% |
| Retirement Accounts | 11% |
| Cash Savings | 18% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 5% |
| Bonds | 6% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
Retirement, pension plans, and life after work in Ojo de Agua
What does the retirement lifestyle look like in Ojo de Agua and how much retirement savings are required?
Retirement age
The retirement age for most employees in Mexico is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Ojo de Agua:| Age | Amount |
|---|
| 25 | 140,000 MXN |
| 30 | 280,000 MXN |
| 35 | 490,000 MXN |
| 40 | 710,000 MXN |
| 45 | 1.1M MXN |
| 50 | 1.5M MXN |
| 55 | 1.8M MXN |
| 60 | 2.2M MXN |
| 65 | 2.6M MXN |
Retirement Income Distribution
We asked residents of Ojo de Agua about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 13% |
| Savings | 22% |
| Investments | 13% |
| Social Security | 8% |
| Annuities | 8% |
| Part-time Job | 12% |
| Real Estate | 17% |
| Dividends and Interest | 8% |
Retirement Monthly Expenses in Ojo de Agua 8,600 MXN
$510 | 26,000 MXN
$1,500 | 170,000 MXN
$10,000 |
Debt, loans, and mortgages in Ojo de Agua
Percentage of people who are in debt
According to the survey, 24% of the people 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
Debt to income ratio
27%
17% to 36%
( monthly debt payment / monthly income ) x 100
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 the people's monthly income in Ojo de Agua goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 15% |
| 40% - 50% | 13% |
| 30% - 40% | 15% |
| 20% - 30% | 13% |
| 10% - 20% | 15% |
| 0% - 10% | 27% |
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
| Debt | % People |
|---|
| Real Estate Mortgage | 11% |
| Auto Loan | 19% |
| Student Loan | 3% |
| Credit Card | 27% |
| Personal Loan | 40% |
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.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
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 residents 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.
| Frequency | % People |
|---|
| Never | 53% |
| Once a year | 23% |
| Twice a year | 12% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Ojo de Agua
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Ojo de Agua
Monthly Rent Prices
Studio apartment | 4,500 MXN | 6,800 MXN | 18,000 MXN |
1-bedroom apartment | 6,800 MXN | 11,000 MXN | 27,000 MXN |
2-bedroom apartment | 9,000 MXN | 14,000 MXN | 36,000 MXN |
3-bedroom apartment | 11,000 MXN | 18,000 MXN | 49,000 MXN |
Furnished apartment | 22,000 MXN | 54,000 MXN | 110,000 MXN |
Townhouse | 18,000 MXN | 27,000 MXN | 78,000 MXN |
House | 22,000 MXN | 54,000 MXN | 110,000 MXN |
Villa | 27,000 MXN | 68,000 MXN | 110,000 MXN |
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 | 900,000 MXN | 1.4M MXN | 2.7M MXN |
1-bedroom apartment | 1.1M MXN | 1.8M MXN | 6.8M MXN |
| $64,000 | $110,000 | $400,000 |
2-bedroom apartment | 1.8M MXN | 5.4M MXN | 11M MXN |
| $110,000 | $320,000 | $640,000 |
3-bedroom apartment
Townhouse
House
Villa 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.
If you're leasing or purchasing, housing costs in Ojo de Agua will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio( average property price / average monthly income ) x 100
| 41 | x122 monthly income | 208 |
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
Rent to income ratio( monthly rental / monthly income ) x 100
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.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
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.
Housing Affordability Index
29% 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.
| 79 MXN | 1,000 MXN | 10,000 MXN |
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.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Ojo de Agua
Housing31%
31% of total expenses on average (19% to 43%)
| LOW | $250 4,300 MXN |
| AVERAGE | $760 13,000 MXN |
| HIGH | $5,000 85,000 MXN |
| Per Month |
Utilities, Electricity, Water8%
8% of total expenses on average (4% to 13%)
| LOW | $42 710 MXN |
| AVERAGE | $130 2,100 MXN |
| HIGH | $840 14,000 MXN |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (4% to 12%)
| LOW | $56 950 MXN |
| AVERAGE | $170 2,800 MXN |
| HIGH | $1,100 19,000 MXN |
| Per Month |
Food and Groceries18%
18% of total expenses on average (12% to 23%)
| LOW | $110 1,900 MXN |
| AVERAGE | $340 5,700 MXN |
| HIGH | $2,200 38,000 MXN |
| Per Month |
Healthcare11%
11% of total expenses on average (5% to 15%)
| LOW | $63 1,100 MXN |
| AVERAGE | $190 3,200 MXN |
| HIGH | $1,300 21,000 MXN |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (3% to 6%)
| LOW | $35 590 MXN |
| AVERAGE | $100 1,800 MXN |
| HIGH | $700 12,000 MXN |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $14 240 MXN |
| AVERAGE | $42 710 MXN |
| HIGH | $280 4,700 MXN |
| Per Month |
Other Expenses21%
21% of total expenses on average (13% to 25%)
| LOW | $130 2,100 MXN |
| AVERAGE | $380 6,400 MXN |
| HIGH | $2,500 43,000 MXN |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Ojo de Agua
Housing28%
28% of total expenses on average (21% to 38%)
| LOW | $380 6,500 MXN |
| AVERAGE | $1,200 20,000 MXN |
| HIGH | $6,200 100,000 MXN |
| Per Month |
Utilities, Electricity, Water7%
7% of total expenses on average (5% to 11%)
| LOW | $58 990 MXN |
| AVERAGE | $170 3,000 MXN |
| HIGH | $930 16,000 MXN |
| Per Month |
Transport, Fuel10%
10% of total expenses on average (4% to 15%)
| LOW | $140 2,400 MXN |
| AVERAGE | $420 7,100 MXN |
| HIGH | $2,200 38,000 MXN |
| Per Month |
Food and Groceries16%
16% of total expenses on average (11% to 21%)
| LOW | $160 2,800 MXN |
| AVERAGE | $490 8,300 MXN |
| HIGH | $2,600 44,000 MXN |
| Per Month |
Healthcare13%
13% of total expenses on average (7% to 17%)
| LOW | $130 2,200 MXN |
| AVERAGE | $380 6,500 MXN |
| HIGH | $2,100 35,000 MXN |
| Per Month |
Leisure, Shopping4%
4% of total expenses on average (2% to 7%)
| LOW | $70 1,200 MXN |
| AVERAGE | $210 3,600 MXN |
| HIGH | $1,100 19,000 MXN |
| Per Month |
Education2%
2% of total expenses on average (1% to 4%)
| LOW | $23 400 MXN |
| AVERAGE | $70 1,200 MXN |
| HIGH | $370 6,300 MXN |
| Per Month |
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $200 3,400 MXN |
| AVERAGE | $590 10,000 MXN |
| HIGH | $3,200 54,000 MXN |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Ojo de Agua
Housing27%
27% of total expenses on average (22% to 37%)
| LOW | $520 8,900 MXN |
| AVERAGE | $1,500 25,000 MXN |
| HIGH | $8,200 140,000 MXN |
| Per Month |
Transport, Fuel6%
6% of total expenses on average (4% to 8%)
| LOW | $130 2,200 MXN |
| AVERAGE | $370 6,300 MXN |
| HIGH | $2,100 35,000 MXN |
| Per Month |
Food and Groceries20%
20% of total expenses on average (13% to 26%)
| LOW | $290 5,000 MXN |
| AVERAGE | $840 14,000 MXN |
| HIGH | $4,600 78,000 MXN |
| Per Month |
Healthcare10%
10% of total expenses on average (6% to 15%)
| LOW | $130 2,200 MXN |
| AVERAGE | $370 6,300 MXN |
| HIGH | $2,100 35,000 MXN |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $82 1,400 MXN |
| AVERAGE | $230 4,000 MXN |
| HIGH | $1,300 22,000 MXN |
| Per Month |
Education14%
14% of total expenses on average (7% to 22%)
| LOW | $230 3,900 MXN |
| AVERAGE | $650 11,000 MXN |
| HIGH | $3,600 61,000 MXN |
| Per Month |
Other Expenses15%
15% of total expenses on average (8% to 20%)
| LOW | $200 3,300 MXN |
| AVERAGE | $560 9,500 MXN |
| HIGH | $3,100 52,000 MXN |
| Per Month |
StudentCost of living and expenses break down for students living in Ojo de Agua
Housing19%
19% of total expenses on average (14% to 25%)
| LOW | $140 2,300 MXN |
| AVERAGE | $350 5,900 MXN |
| HIGH | $620 11,000 MXN |
| Per Month |
Utilities, Electricity, Water6%
6% of total expenses on average (4% to 10%)
| LOW | $23 390 MXN |
| AVERAGE | $58 980 MXN |
| HIGH | $100 1,800 MXN |
| Per Month |
Transport, Fuel5%
5% of total expenses on average (5% to 11%)
| LOW | $40 680 MXN |
| AVERAGE | $100 1,700 MXN |
| HIGH | $180 3,100 MXN |
| Per Month |
Food and Groceries22%
22% of total expenses on average (16% to 26%)
| LOW | $120 2,000 MXN |
| AVERAGE | $290 4,900 MXN |
| HIGH | $520 8,800 MXN |
| Per Month |
Healthcare8%
8% of total expenses on average (5% to 11%)
| LOW | $35 590 MXN |
| AVERAGE | $86 1,500 MXN |
| HIGH | $160 2,600 MXN |
| Per Month |
Leisure, Shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $29 490 MXN |
| AVERAGE | $72 1,200 MXN |
| HIGH | $130 2,200 MXN |
| Per Month |
Education19%
19% of total expenses on average (12% to 24%)
| LOW | $110 1,900 MXN |
| AVERAGE | $270 4,600 MXN |
| HIGH | $490 8,400 MXN |
| Per Month |
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $86 1,500 MXN |
| AVERAGE | $220 3,700 MXN |
| HIGH | $390 6,600 MXN |
| Per Month |
