Central America is blessed with a wide variety of riches, from beautiful beaches to volcanoes, crystal-clear waters, rain forests and tropical fruits and vegetables. For Americans looking to retire or for those who simply want a more affordable way of life, Central America is a haven, with costs in nearly every city or town you pick being far more inexpensive than living in America.
There are officially seven countries in Central America, and all of them are affordable. Here’s a look at the average cost of living in each of these countries, compared with what you might pay on average living in America instead.
Costa Rica
Costa Rica is the most expensive Central American country, but it’s still the one that draws in the most American visitors. This is due in part to its successful marketing campaign, “Pura Vida,” which highlights all of the amazing natural wonders of the country, but it’s also from word of mouth.
Yet, the country still remains excessively affordable for Americans. According to LivingCost.org, average costs in America are 2.36 times those in Costa Rica, at $2,112 vs. $893 for a single person. Rent is particularly cheap in Costa Rica, at $406 for a single person vs. $1,325 on average in the United States.
Panama
Panama has been gaining greater recognition in the eyes of American retirees, thanks in part to its astoundingly generous Retirement Visa. Under this program, qualifying retirees can enjoy benefits ranging from 50% off entertainment to 30% off bus, train and boat fares, 25% off airline tickets, 50% off weekday hotel stays (30% on weekends) and 25% off restaurants — and that’s just to start.
Even without these benefits, the cost of living in Panama is extraordinarily low, at about half of that in the United States. Rent for a family of four in Panama, for example, comes in at about $877 monthly, vs. the average of $2,220 in the United States.
Belize
Want to live on the crystal-blue western edge of the Caribbean Sea while paying 2.5 times less than you would in the U.S.? Belize might be the answer for you. Whether you prefer scuba diving in the world-famous “Blue Hole” or scaling a Mayan pyramid, Belize has plenty of adventure activities to keep you busy.
Meanwhile, you’ll be paying just $396 per month to rent as a single person, vs. $1,325 in the United States. As a family, you can expect to rent for just $587, vs. $2,220 per month in America.
Nicaragua
Many Americans still associate Nicaragua with its troubled political past, but in terms of a place to live, the country has plenty to offer. For starters, Nicaragua is now one of the safest countries in Central America, with a homicide rate of 7 per 100,000 — the U.S. clocks in at 7.8, per the CDC.
In terms of lifestyle, Nicaragua can be tough to beat. The cost of living in the United States is a whopping 3.38 times that of Nicaragua, which is famed for its beaches on the Pacific Ocean, its colonial center and its mountainous retreats. Rent is ridiculously inexpensive, with a single person able to pay just $264 vs. $1,325 in the U.S, but food is also cheap, at $248 monthly vs. the U.S. average of $543.
El Salvador
El Salvador has made headlines in the past few years for being the first country in the world to adopt bitcoin as legal tender. Unfortunately, it also often makes the news for its violence, as it has the highest murder rate in all of the Western Hemisphere.
However, retirees there love the lifestyle, and the violence may be on the decline due to recent aggressive crackdowns on gangs by the Salvadoran government, according to the New York Times. Retirees praise the country’s tropical climate, good transportation and high-quality hospitals. If you can go in with your eyes wide open, you may enjoy a cheap, enjoyable lifestyle for 2.74 times less than you’d pay in the United States.
Honduras
Honduras is rising in popularity among American expats, who enjoy its low cost of living, its glorious beaches and its charming towns among the hills. It should be noted that parts of Honduras are not the safest in the world, with its capital city of Tegucigalpa afflicted with street crime, gangs and the drug trade, among other concerns.
Nevertheless, as in most countries, there are pockets of Honduras where you can live in secure, gated communities and still enjoy the beach or mountain lifestyle on the cheap. Overall, it’s 2.74 times more expensive to live in the United States than it is in Honduras.
Guatemala
Like El Salvador and Honduras, Guatemala’s capital city — Guatemala City — draws most of the violence in the country, but outlying areas are actually quite safe for expats. In Guatemala, most head to Antigua, where crime rates are quite low and the standard of living is high, even on a budget.
The country is blessed with amazing physical landscapes, from Lake Atitlan, which fills a volcanic crater, to the country’s beaches, mountains and Mayan ruins. A single person’s basic needs could be met with just $910 monthly, with rent costs coming in at just 32% of those in America. (https://finance.yahoo.com/news/7-places-live-central-america-120051457.html)
