Insights
The cheapest cities to live in Latin America
We ordered the 19 cities in our dataset by what one person spends a month in a 1-bed apartment on an average lifestyle.
The most expensive city on the list costs 3.0 times as much as the cheapest. The median, meaning the middle city, sits at $1,073 a month. The ranking uses a single scenario so the comparison is even; the table adds three more so you can see how the order shifts for your case.
Full ranking
| City | Frugal, room | Average, 1-bed | Comfortable, 1-bed | Family of 4, average |
|---|---|---|---|---|
| 1. Caracas Venezuela | $240 | $585 | $943 | $840 |
| 2. La Paz Bolivia | $318 | $767 | $1,144 | $1,105 |
| 3. Managua Nicaragua | $348 | $809 | $1,190 | $1,156 |
| 4. Asunción Paraguay | $353 | $831 | $1,218 | $1,187 |
| 5. Guayaquil Ecuador | $414 | $928 | $1,309 | $1,323 |
| 6. Buenos Aires Argentina | $418 | $977 | $1,458 | $1,402 |
| 7. Quito Ecuador | $440 | $985 | $1,385 | $1,405 |
| 8. San Salvador El Salvador | $434 | $1,007 | $1,457 | $1,428 |
| 9. Guatemala City Guatemala | $445 | $1,031 | $1,482 | $1,469 |
| 10. Lima Peru | $467 | $1,073 | $1,517 | $1,538 |
| 11. Santo Domingo Dominican Republic | $513 | $1,117 | $1,583 | $1,572 |
| 12. Guadalajara Mexico | $515 | $1,140 | $1,639 | $1,620 |
| 13. Medellín Colombia | $550 | $1,180 | $1,640 | $1,660 |
| 14. Bogotá Colombia | $580 | $1,255 | $1,765 | $1,780 |
| 15. Mexico City Mexico | $597 | $1,333 | $1,885 | $1,873 |
| 16. Montevideo Uruguay | $728 | $1,533 | $2,105 | $2,128 |
| 17. San José Costa Rica | $780 | $1,640 | $2,262 | $2,255 |
| 18. Santiago Chile | $810 | $1,700 | $2,357 | $2,365 |
| 19. Panama City Panama | $805 | $1,740 | $2,397 | $2,400 |
The five lowest-cost cities
- Caracas, Venezuela: $585 a month. Estimated rent is $250 (43% of the total) and groceries $130.
- La Paz, Bolivia: $767 a month. Estimated rent is $370 (48% of the total) and groceries $155.
- Managua, Nicaragua: $809 a month. Estimated rent is $400 (49% of the total) and groceries $155.
- Asunción, Paraguay: $831 a month. Estimated rent is $420 (51% of the total) and groceries $165.
- Guayaquil, Ecuador: $928 a month. Estimated rent is $450 (48% of the total) and groceries $185.
The five highest-cost cities
- Panama City, Panama: $1,740 a month. Estimated rent is $950 (55% of the total) and groceries $295.
- Santiago, Chile: $1,700 a month. Estimated rent is $900 (53% of the total) and groceries $290.
- San José, Costa Rica: $1,640 a month. Estimated rent is $880 (54% of the total) and groceries $280.
- Montevideo, Uruguay: $1,533 a month. Estimated rent is $800 (52% of the total) and groceries $270.
- Mexico City, Mexico: $1,333 a month. Estimated rent is $720 (54% of the total) and groceries $230.
What this ranking does not tell you
A lower total does not make a city a better fit for you. These figures do not measure housing quality, climate, neighborhood safety, how easy a visa is to get, or the job market.
Everything is in US dollars at the exchange rate of the data period. In Caracas, La Paz and Buenos Aires the local currency has been especially volatile, so their place in the ranking can change quickly. Cities in dollarized countries (Quito, Guayaquil, Panama City and San Salvador) carry no such risk for people who earn in dollars.
Health insurance, school fees and taxes are not included either. For a number closer to your own case, use the budget calculator or compare two cities.
All figures are modeled estimates in US dollars for Q1–Q2 2026 and have not been re-verified since. Methodology