Cost Of Living For a Single Person in Saltillo 2024

Average monthly spending for a single person or individual in Saltillo

How much money does an individual need in a month to survive in Saltillo?

A single person in Saltillo spends around 44,000 MXN per month on average. Depending on the lifestyle, a single individual can survive with a monthly budget as low as 6,200 MXN or as high as 290,000 MXN. Location and income are very important factors and have a huge influence on expenditure and budget.

Single person expenditure to income ratio in Saltillo

Analysing the how affordable it is for an individual to live in Saltillo

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. Individuals usually spend a larger chunk of their income than other population groups. A typical and healthy expenditure percentage for a single individual ranges between 70% to 80%.

Individuals in Saltillo spend around 89% of their monthly income. Some individuals spend as low as 79% of their income while some as high as 98%.

How do individuals spend their money in Saltillo?

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

Housing and accomodation expenditure for individuals

Individuals in Saltillo typically spend from 19% to 43% of their total monthly expenditure on housing with 31% being the average. The average monthly spend on housing is 16,000 MXN with expenditure ranging from 2,200 MXN to 100,000 MXN. This cost mainly goes for rent but it also includes other accommodation-related expenses.

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

Utility expenditure like electricity, water, and gas in Saltillo ranges from 4% to 13% of total expenses with 8% being the average for most individuals. The average monthly cost of utilities is 2,600 MXN with 370 MXN and 17,000 MXN being the upper and lower limits for a single person.

Transport, fuel, and commute expenditure for individuals

Fuel consumption and cost of transport depend heavily on whether a single person resides near school and work, but roughly speaking a single person would expect to spend from 490 MXN to 23,000 MXN in a month on commuting with 3,500 MXN being the norm for most individuals. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 3% or as high as 11%.

Food, groceries, and basic shopping expenditure for individuals

The average outlay on groceries and basic houshold items for a typical person in a month in Saltillo is 7,000 MXN. The cost of groceries can range between 990 MXN to 47,000 MXN. Individuals spend on average about 19% on food and groceries with upper and lower bounds of 13% and 24% respectively.

Healthcare and medical services expenditure for individuals

Individuals in Saltillo allocate 6% to 16% 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 12%. The range of medical expenses range from 560 MXN to 26,000 MXN with 3,900 MXN being the norm for most individuals.

Leisure and shopping expenditure for individuals

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 310 MXN to 15,000 MXN with 2,200 MXN being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 3% for most individuals.

Education and schooling expenditure for individuals

Spending on education can vary drastically between different individuals. On average, education constitutes 1% of the monthly expenditure of individuals with 0.00% and 3% being the lower and upper bounds respectively. The average reported education cost is 870 MXN per month with 120 MXN being the minimum spent amount and 5,800 MXN being the maximum.

What percentage of individuals in Saltillo are able to save money and how much can they save?

Percentage of individuals that reported their ability to save money

Almost 81% of surveyed individuals in Saltillo said that they can save some money at the end of each month while 19% reported that they have to utilize their whole income to survive.

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

Saving to Income Ratio

Average Monthly Saved Amount

Savings to income distribution levels for individuals

Interpretation and Analysis

Individuals that are able to save money can put anywhere from 19% to 42% of their monthly income to their savings, with 31% being the average for most individuals. The average monthly amount of money that individuals can put aside is 16,000 MXN with 1,800 MXN and 110,000 MXN being the minimum and maximum respectively.

Saving Challenges in Saltillo

Reasons that make it difficult for individuals to save money

We wanted to understand what is stopping people from maximizing their savings in Saltillo. Listed below are the answers given by the survey participants.

Around 5% of the individuals said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 15% 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. 11% of individuals blamed impulsive spending as the reason for saving inability. Around 7% 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, 2% blamed market instability and price fluctuations.

Typical saving choices for individuals in Saltillo

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 Saltillo

Income and cost of living compatibility

We asked individuals one simple question and recorded their answers.

Is it affordable or economical to live in Saltillo?

Around 83% of surveyed individuals think that living in Saltillo is affordable with proper budgeting while 17% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Saltillo

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 individuals how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options71%

Few low-cost options29%

Based on the survey, 71% of the individuals living in Saltillo have no problem finding low-cost alternatives to support a frugal lifestyle while 29% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Individuals

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 individuals of Saltillo whether they have an emergency fund and the answers were as follows.

Yes82%

No18%

Based on the survey, 18% of the individuals living in Saltillo said that they don't have an emergency fund while 82% 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 individuals in Saltillo 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 single people 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 individuals in Saltillo

In an attempt to understand the economic situation in Saltillo, 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 8% of individuals said that their main goal is to establish an emergency fund to cover unexpected expenses while 39% 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 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 7% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 8% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 12% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Debt, loans, and mortgages in Saltillo

Percentage of individuals who are in debt

According to the survey, 30% of the individuals in Saltillo have some kind of debt, loan, mortgage, or credit card payments while 70% reported that they don't have financial obligations to banks.

Debt-to-income ratio in Saltillo

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 33% of a single person's monthly income in Saltillo goes to debt settlement.

Debt levels

Monthly debt settlement payment as percentage of monthly income

According to our data, 3% of the debtors in Saltillo 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 12% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.

Distribution by type of debt in Saltillo

10% of debtors in Saltillo confirm that real estate mortgages constitutes the main part of their outstanding debt while 28% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 18% of people and personal loans rose at 40%. Lastly, student loans are the main source of debt for 4% of debtors in Saltillo.

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 Saltillo

Besides measuring the loan-to-income ratio, we asked individuals of Saltillo 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 Saltillo

Rent Cost in Saltillo

Monthly Rent Prices

Studio apartment monthly rent cost

5,600 MXN

8,300 MXN

22,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$330

$490

$1,300

1-bedroom apartment monthly rent cost

8,300 MXN

13,000 MXN

33,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$490

$790

$2,000

2-bedroom apartment monthly rent cost

11,000 MXN

17,000 MXN

44,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$660

$980

$2,600

3-bedroom apartment monthly rent cost

13,000 MXN

22,000 MXN

61,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$790

$1,300

$3,600

Furnished apartment monthly rent cost

27,000 MXN

67,000 MXN

130,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,600

$3,900

$7,900

Townhouse monthly rent cost

22,000 MXN

33,000 MXN

95,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,300

$2,000

$5,600

House monthly rent cost

27,000 MXN

67,000 MXN

130,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$1,600

$3,900

$7,900

Villa monthly rent cost

33,000 MXN

83,000 MXN

130,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$2,000

$4,900

$7,900

The monthly rental cost of a studio apartment in Saltillo ranges between 5,600 MXN and 22,000 MXN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 8,300 MXN to 33,000 MXN. Two-bedroom rentals rate ranges between 11,000 MXN and 44,000 MXN per month. The monthly rental for a three-bedroom apartment ranges from 13,000 MXN to 61,000 MXN. The average rent of a townhouse in Saltillo is around 33,000 MXN while house rental costs can be as high as 67,000 MXN per month. Finally, if you want to rent a villa, expect to pay anywhere from 33,000 MXN to 130,000 MXN per month.

Apartment and house prices in Saltillo

Cost of buying a property

Studio apartment price

1.1M MXN

1.7M MXN

3.3M MXN

MINIMUM

AVERAGE

MAXIMUM

$66,000

$98,000

$200,000

1-bedroom apartment price

1.3M MXN

2.2M MXN

8.3M MXN

MINIMUM

AVERAGE

MAXIMUM

$79,000

$130,000

$490,000

2-bedroom apartment price

2.2M MXN

6.7M MXN

13M MXN

MINIMUM

AVERAGE

MAXIMUM

$130,000

$390,000

$790,000

3-bedroom apartment price

7.4M MXN

11M MXN

33M MXN

MINIMUM

AVERAGE

MAXIMUM

$440,000

$660,000

$2M

Townhouse price

9.5M MXN

22M MXN

83M MXN

MINIMUM

AVERAGE

MAXIMUM

$560,000

$1.3M

$4.9M

House price

11M MXN

67M MXN

95M MXN

MINIMUM

AVERAGE

MAXIMUM

$660,000

$3.9M

$5.6M

Villa price

13M MXN

74M MXN

110M MXN

MINIMUM

AVERAGE

MAXIMUM

$790,000

$4.4M

$6.6M

The average price of a studio apartment in Saltillo can range from 1.1M MXN to 3.3M MXN depending on location. One bedroom cost can be anywhere from 1.3M MXN to 8.3M MXN. A villa can cost you 74M MXN on average with prices ranging from 13M MXN to 110M MXN.

House / apartment prices to income ratio

Property prices in Saltillo can be x149 to x256 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x149 multiples of the average monthly salary in Saltillo.

Rent to income ratio

The average rent-to-income ratio in Saltillo is around 39%. This means that people pay 39% of their income for rent. Those figures can range from 27% to 51% 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 Saltillo

Energy, electricity, water, gas, internet, and mobile cost in Saltillo

Utility Bill Cost / Electricity + Water + Gas / A single person

370 MXN

2,600 MXN

17,000 MXN

MINIMUM

AVERAGE

MAXIMUM

$22

$150

$1,000

Internet and cable cost

270 MXN

540 MXN

720 MXN

MINIMUM

AVERAGE

MAXIMUM

$16

$32

$42

Mobile phone bill and charges

210 MXN

360 MXN

1,100 MXN

MINIMUM

AVERAGE

MAXIMUM

$13

$21

$63

The average monthly energy and water consumption of individuals is around 2,600 MXN. The cost of internet and WiFi ranges from 270 MXN to 720 MXN with 540 MXN being the average internet bill. Finally, the average monthly mobile charges is around 360 MXN but can range between 210 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 Saltillo is around 5.9%. This means that people pay 5.9% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.4% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Saltillo

Prices and cost of goods and services in Saltillo

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

Fast food combo meal price

54 MXN

110 MXN

180 MXN

MINIMUM

AVERAGE

MAXIMUM

$3.2

$6.3

$11

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Saltillo is approximatly 110 MXN with meal cost ranging from 54 MXN to 180 MXN. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

200 MXN

300 MXN

600 MXN

MINIMUM

AVERAGE

MAXIMUM

$12

$18

$35

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 200 MXN and 600 MXN with 300 MXN being the average price of a plate for one person at a regular restaurant in Saltillo.

Fine dining meal for one price

400 MXN

600 MXN

2,400 MXN

MINIMUM

AVERAGE

MAXIMUM

$24

$35

$140

The price range of a meal at fine-dining restaurant is 400 MXN to 2,400 MXN with the average cost being 600 MXN for one person. This is what you would expect to pay a top-tier diner in Saltillo.

Beverage prices, cappuccino, latte etc..

45 MXN

72 MXN

110 MXN

MINIMUM

AVERAGE

MAXIMUM

$2.6

$4.2

$6.3

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Saltillo is around 72 MXN. Price ranges between 45 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

36 MXN

43 MXN

54 MXN

MINIMUM

AVERAGE

MAXIMUM

$2.1

$2.5

$3.2

The average price of a large bottle of milk in Saltillo is 43 MXN. The maximum what you would pay for milk is 54 MXN and the minimum being 36 MXN depending on the brand of milk and other properties.

12 eggs price

27 MXN

36 MXN

54 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.6

$2.1

$3.2

A dozen eggs costs around 36 MXN on average with 27 MXN and 54 MXN being the lower and upper limits respectively.

Fresh whole chicken price

61 MXN

79 MXN

110 MXN

MINIMUM

AVERAGE

MAXIMUM

$3.6

$4.7

$6.6

The price range of a fresh whole chicken in Saltillo is between 61 MXN and 110 MXN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 79 MXN.

Pack of beef price

72 MXN

110 MXN

210 MXN

MINIMUM

AVERAGE

MAXIMUM

$4.2

$6.3

$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

29 MXN

39 MXN

56 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.3

$3.3

A bag of rice in Saltillo costs around 39 MXN on average with prices rangeing between 29 MXN and 56 MXN depending on the brand and quality.

Bag of tomatos price

11 MXN

14 MXN

27 MXN

MINIMUM

AVERAGE

MAXIMUM

$0.63

$0.84

$1.6

A bag of tomatoes costs anywhere from 11 MXN to 27 MXN. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

19 MXN

25 MXN

41 MXN

MINIMUM

AVERAGE

MAXIMUM

$1.1

$1.5

$2.4

A bag of apples costs 25 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 Saltillo is around 30%. This means that individuals spend 30% of their income on grocery and basic household items. The expenditure can range from 20% to 37% depending on salary and location.

Expenditure on food and grocery for individuals