Large numbers of people in the United States aspire to own a home in Mexico, a recent analysis suggests.
According to the real estate search engine Point2 Homes, Mexico ranks as the most sought-after destination for American homebuyers in search of properties within the Americas.
Large numbers of people in the United States aspire to own a home in Mexico.
Mexico is the âmost wanted destination for U.S. homebuyers looking for a home in the Americas,â according to the real estate search engine Point2 Homes
That conclusion is based on the number of people in the U.S. doing web searches using Mexico-relevant real estate-related keywords such as âhomes for sale in Mexicoâ or âPuerto Vallarta homes.â
The news division of Point2 Homes, which conducted the web search analysis, reported that the average number of Mexico-related real estate searches in the U.S. was 136,530 per month during the 12 months to the end of June, up 3.3% from a year earlier.
Such searches surged almost 60% in a 12-month period prior to the publication of Point2 Homesâ 2022 study, which noted that Mexico had retained its title as âthe king of vacation destinations and locations for second homesâ for United States citizens.
Point2 said in its latest report that âMexico remains undefeatedâ as the most desirable country in the Americas for U.S. homebuyers, despite only a modest annual increase in related web searches.
âWith more than 130k monthly visits, this land of endless, dazzling beaches and rich culture continues to attract buyers,â the company said.
Point2 said that the only modest increase in online interest in homes in Mexico compared to a year earlier âcould prove that the pioneers leading the work-from-everywhere movement are all done searching and buying, leaving the laggards behind.â
âOr, it could be that this year, American buyers have zoomed in on other destinations,â the company said, noting that interest in purchasing a home in Canada, ranked as the âsecond most wanted destinationâ in the Americas, had surged 54% in annual terms.
The âmost sought-after locationsâ for home ownership in Mexico, Point2 said, were the Jalisco resort city of Puerto Vallarta, Guanajuatoâs colonial gem San Miguel de Allende, Baja Sur hotspot Cabo San Lucas, trendy Tulum in Quintana Roo, and YucatĂĄn capital MĂ©rida.
Who is interested in buying property in Mexico?
Point2 Homesâ internet traffic data showed that men were responsible for just over 58% of Mexico-relevant real estate-related searches in the United States in the 12 months to the end of June, while almost 42% of searches were made by women.
U.S. residents aged 35 to 44 made 23.7% of the Mexico real estate-related searches during the period, more than any other age cohort.
Those aged 25â34 and 45â54 were each responsible for just over 20% of total searches, while Americans in the 55â64 bracket accounted for 15% of searches. The percentages for those aged 18â24 and 65+ were 12% and 8.5%, respectively.
âThe surprising part is that people in the youngest age bracket (18 to 24 years old) are driving traffic to Mexicoâs real estate pages more than retirees,â Point2 said.
âPeople aged 65 and over who might be interested in buying a home in a warmer climate area to retire to are outnumbered by their much younger peers.â
Families with kids are among a recent wave of U.S. citizens who have moved to Mexico.
What kinds of properties are they looking for?
Just over 57% of Mexico-related real estate searches in the U.S. over the past year were for houses, Point 2 said. About one-third of the searches were for apartments, while just over 10% were for land.
In a statement to The Epoch Times, Andra Hopulele of Point2 offered some insight into what buyers are looking for.
âFirst off, it should be a better version of the home they already live in and boast all the amenities they love or would love to have; and second, the location should be exceptional. Thatâs why beach and waterfront properties in countries like Mexico, Puerto Rico and Costa Rica immediately come to mind,â she said.
Around the web
Bloomberg reported earlier this year that low crime rates in the state of YucatĂĄn had led to an influx of real estate investors, âsome from the U.S. and Canada, who have renovated old houses in downtown MĂ©rida and put them up for rent on Airbnb Inc.â
The news organization said that a three-bedroom luxury home in the historic center of MĂ©rida âmight cost about [US] $700,000, while an apartment by the beach overlooking the Gulf of Mexico could go for $340,000.â
The New York Times reported in late 2022 that âthe housing market in Mexico City is gaining strengthâ after a pandemic slowdown.
The Times cited data from statistics website Statista that showed that the average home price in Mexico City was about 2.9 million pesos in the first quarter of 2022, âmaking it Mexicoâs most expensive market,â but still âmore affordable than many markets in the United States.â
Statistaâs data for the first quarter of 2023 shows that the average price of a home in Mexico City was 3.66 million pesos (about US $213,000), a 26% increase in the space of a year.
Nayarit had the second-most expensive real estate among Mexicoâs 32 federal entities, according to Statista, followed by Morelos, Baja California Sur, and QuerĂ©taro.
Durango had the cheapest average housing price, followed by Tamaulipas, Zacatecas, Tlaxcala, and Hidalgo.