How much money do you need to buy a house in Mexico? | Yave.mx

Are you considering buying a house? Before you even start the mortgage process, it's important to determine the overall cost of purchasing a house. 

The cost can vary significantly in Mexico due to factors like location, size, condition, and amenities of the property. The housing market in Mexico offers a wide range of options, ranging from modest homes in rural areas to luxurious properties in popular tourist destinations.

According to the Índice SHF de Precios de la Vivienda, nationwide housing prices appreciated by 11.7% in the first quarter of 2023 compared to the same period in 2022. As of the first semester of 2023, the median home was $1.6 million MXN. In 2022, Mexico City was the most expensive place to purchase a property in Mexico, according to Statista. On average, properties in the country's capital city would cost around $3.4 million.

Average housing price in Mexico in 1st quarter 2022, by state

In addition to the purchase price, you should also consider other expenses involved, such as closing costs, property taxes, legal fees, and potentially real estate agent commissions. 

Determining the price range of the property you can afford involves considering your income. Most financial institutions typically require borrowers to earn at least three times the monthly payment of their mortgage loan.

To get a better idea of how much you can afford, we recommend using a mortgage credit simulator. These online tools can provide you with an estimate of your monthly installments based on the property price and the specific credit terms you plan to request. 

Do you want to know if you are a candidate for a loan and how much we can lend you? Yave provides fast, easy and transparent mortgages for non-mexican residents.