9 Cheap Places To Retire in Mexico Where You Can Live Like a Millionaire

When retirement kicks in, most people are ready to shake off the old work life and start living in the lap of luxury. The scope of what luxury means to different people depends on how much your fixed income amounts to. Did you have a savings account? Did your company cash out a pension to you? And what are you receiving from Social Security each month?

Find Out: How Long $1 Million in Retirement Will Last in Every State

Learn More: The Surprising Way You Can Get Guaranteed Retirement Income for Life

One place where you can make your money stretch is Mexico. There are some very affordable locations to retire and still feel like you are royalty. GOBankingRates reached out to some travel experts to find nine cheap places to retire in Mexico where you can live like a millionaire. Here is what made the list.

San Miguel de Allende

“San Miguel de Allende is a colonial town known for its vibrant arts scene and friendly expat community,” said Abhishek Jain from Diplomat VFS .

“I love San Miguel de Allende for its vibrant arts scene and colonial charm,” agreed Amanda Syrowatka, the director of Viceroy Bali . “The cost of living is relatively low, with affordable housing options and excellent healthcare facilities. You can enjoy gourmet dining, world-class cultural events, and a high quality of life without breaking the bank.”

“The affordability here comes from the lower cost of living, especially in terms of housing and daily expenses,” Jain continued. “Many retirees find they can rent a beautiful home, dine out regularly, and engage in various social activities without straining their budget.”

Check Out: Retirement Savings: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts

Discover More: The Cheapest Places to Retire Across the US That Look Expensive

Sponsored: Protect Your Wealth With A Gold IRA. Take advantage of the timeless appeal of gold in a Gold IRA recommended by Sean Hannity.

Playa del Carmen

Located on the Quintana Roo coast, Playa del Carmen provides beach living at its finest at a great value in the opinion of Hans Mast, a travel agent and advisor with Golden Rule Travel .

“Condos and houses can be half the price of similar properties in the States,” said Mast, citing how many waterfront homes rent for $1,000-$2,000 monthly, and dining out rarely costs more than $10-$15 per person.

“Healthcare is also very affordable through local clinics. Playa’s lively atmosphere and proximity to Cancun airport make it very appealing,” Mast included.

For You: 4 States Retirees Are Moving to in 2024 That Aren’t Arizona or Florida

Guanajuato

Guanajuato, another colonial gem, offers stunning architecture and a rich cultural scene, according to Jain.

Syrowatka highly recommended Guanajuato for “…its picturesque landscapes and affordable living. The city’s colonial architecture and cultural festivals make it a delightful place to retire. The cost of living is low, and you can enjoy a high quality of life with access to excellent healthcare and amenities.”

“The town’s affordability is attributed to its competitive housing market and the inexpensive yet high-quality local cuisines,” Jain added. “Public transportation is also affordable, making it easy to explore without owning a car.”

Puerto Vallarta

Jain said that this coastal city offers breathtaking beaches and a laid-back lifestyle.

“I often recommend Puerto Vallarta for its stunning beaches and vibrant nightlife,” Syrowatka said. “Despite its popularity, it’s surprisingly affordable. Real estate prices are reasonable, and you can enjoy luxury beachfront living. The city offers excellent dining, shopping, and healthcare options, making it perfect for retirees.”

“Condos and houses near the beaches cost much less than comparable U.S. coastal properties,” Mast offered. “While some areas have become more gentrified, many affordable options remain. Outdoor activities and water sports are plentiful. Healthcare is also very affordable through local facilities and private clinics.”

“Despite its popularity, Puerto Vallarta remains affordable due to the lower cost of services and goods,” Jain remarked, also noting that groceries, healthcare and utilities are all reasonably priced, which attracts many retirees to settle here.

Merida

“Mérida, the capital of Yucatán, is known for its colonial history and bustling markets,” Jain said.

“I think it’s incredibly affordable, with low property prices and cost of living,” Syrowatka said. “The city boasts a warm climate, beautiful architecture, and a bustling expat community. You can easily live like a millionaire with access to upscale amenities and services.”

“Mérida on the Yucatán Peninsula feels like stepping back in time,” Mast echoed. “Housing is very affordable due to plentiful real estate options. Weather is hot but dry. Healthcare through local facilities is quite affordable and of good quality. Low crime adds to Mérida’s appeal.”

Furthermore, Jain highlighted that the city has a plethora of restaurants, which are excellent and reasonably priced.

Be Aware: Here’s How Much You Need Saved To Retire Rich in America’s Largest Cities

Mazatlán

Jain said that Mazatlán combines the best of both worlds: a beautiful coastal city with affordable inland cost structures.

“Housing close to the beach can be quite reasonable, and the cost of dining and entertainment is very budget-friendly,” Jain added. “The local markets offer fresh produce at a fraction of the cost you would find in more tourist-heavy locations.”

“Mazatlán is perfect for beach lovers,” Syrowatka said. “It’s more affordable than other coastal cities, with low property prices and cost of living. You can enjoy a luxurious lifestyle with beautiful beaches, fresh seafood, and plenty of recreational activities.”

Lake Chapala

“Lake Chapala, Mexico’s largest freshwater lake, is surrounded by picturesque towns that offer a peaceful retirement vibe,” Jain said.

“I believe Lake Chapala is a hidden gem for retirees,” declared Syrowatka, citing how the climate is perfect year-round.

“The area is known for its large expat community, affordable healthcare, and beautiful lake views,” Syrowatka added. “You can find luxurious homes at a fraction of the cost compared to the U.S.”

“The cost of living is relatively low, especially for housing and healthcare,” Jain described. “The expat community here is robust, providing a supportive environment for newcomers.”

Ajijic

Ajijic, located on the shores of Lake Chapala, is another contender for an affordable retirement, in Jain’s professional opinion.

“Its popularity with expats keeps costs reasonable, and the town’s infrastructure is geared towards providing a comfortable lifestyle,” Jain said. “The lower cost of goods and services ensures that your retirement funds go further.”

Find Out: I’m a Florida Native: 3 Financial Reasons I Won’t Retire Here

Oaxaca

Oaxaca is another great option with its rich cultural heritage and low cost of living, in Syrowatka’s professional experience.

“The city offers affordable housing, delicious cuisine, and a warm climate,” Syrowatka said. “I think retirees can live comfortably while enjoying the vibrant local arts and crafts scene.”

This article originally appeared on GOBankingRates.com : 9 Cheap Places To Retire in Mexico Where You Can Live Like a Millionaire