MEXICO CITY.- For millennials who earn between 10 thousand and 15 thousand pesos, all is not lost, they have opportunities to buy an apartment in Mexico City.
Leonardo González, a Real Estate analyst at Propiedades.com, did some estimating exercises to find homes that fit these salaries.
What is currently privileged in Mexico City is the vertical model, that is, the development of apartments for sale.
For this salary level, between 10 thousand and 15 thousand pesos, once the down payment and term have been considered, we can identify that in Mexico City, you can access places with a range that is between 1.5 million pesos, more or less ” Gonzalez said.
He pointed out that, in the Acacias neighborhood, near Santa María la Ribera, houses can be purchased for 1.4 million pesos.
In this range, there is Villa Coapa, Narvarte Poniente, Portales Oriente, Anáhuac Primera Section, San Rafael, and even Del Valle.
But there is more, if a millennial has less availability, at the time of making the down payment or looking for a longer mortgage term, there are homes available in the range of 1 million pesos.
The areas that the expert found are colonies such as Irrigation, Clavería, Nextitla, Santa María Nonoalco, and even in La Condesa.
If you consider the price per square meter, to the extent that you live in a better neighborhood, the footage is less ”, he pointed out.
For example, in Condesa, finding houses that are in this range, at a price per square meter that can be estimated at up to 20 thousand pesos, but with a more compact footage. “
In the Vértiz Narvarte, there are 9-year-old departments, at 1.1 million pesos. In this case, the total area is 65 square meters, where each square meter has a value of 17 thousand pesos.
All these neighborhoods are located in the middle segment, that is, with this ‘entry level’ salary, or for workers who are linked for the first time, to a middle segment or social interest. “
What is there beyond Mexico City?
The purchase can also be thought outside the capital of the country, of course, as long as it adjusts to the needs of each person or family.
The same exercise was applied, by Leonardo González, to find a home that a millennial, with a monthly salary of between 10 thousand and 15 thousand, could buy a property in other cities of the country.
Outside of the metropolises, the horizontal solution, houses, you gain in the footage, and the price is much lower. “
According to the expert, throughout the country, there are several places that, with prices similar to those of Mexico City, it is more viable to acquire a house.
For example, in Zumpango, State of Mexico; Rosa Morada, Nayarit; San Blas, Nayarit; Cadereyta Jiménez, Nuevo León; Casas el Marín, Nuevo León; San Agustín de las Juntas in Oaxaca; Santa María Tonameca, Oaxaca; Guadalupe Victoria, Puebla; Santiago Miahuatlán, Puebla.
González points out that there is accessibility, practically throughout the country.
There is an interesting case like that of Perote, Veracruz, where a house is worth 1.3 million, and the price per square meter is 9,167 pesos. As you can see, the price per square meter is cheaper than in the Vertiz Narvarte, and this house has an area of 150 meters. “
How viable is it to buy a house in another state?
The expert points out that, in addition to the price, the house has to be adjusted to the needs of each person or family.
Obviously, you must make a balance of pros and cons. If you migrate to a less developed city, or of intermediate size, obviously you have to analyze your habits, in order to adapt to a new lifestyle. “
Among the benefits of living in a small city are the elimination of traffic problems, lost hours in commuting, better security, air quality.
But, on the other hand, there is less access to services and points of interest, in general, less diversity.
For cities, it is advisable to live close to work. This changes with smaller cities, because it is possible to live on the periphery, and move in a time of between 15 to 20 minutes.
When migrating to a small or intermediate city, the possibilities of saving are enhanced by travel expenses, maintenance expenses and, in general, the entire basket of goods and services are cheaper ”, points out Leonardo González.
What should be considered to have a mortgage loan?
The expert points out that we have to see access to mortgage credit as an instrument, rather than an objective.
Millennials live in an environment of restricted liquidity and problems with access to financing. “
Especially in an environment in which the health and economic crisis is the current situation. We have to make use of these credit instruments offered by the financial system, which are a useful and practical mechanism that serves to improve our transactions. “
González, highlights that, in the current situation, interest rates are at minimum levels, which gives us an ideal time, since it guarantees cheap and low-cost credit.
It also recommends using existing mortgage credit simulators, such as Condusef, that of some banks and credit institutions.
Before taking out a loan of this type, it is important to evaluate the mortgage rate, the Total Cancellation Cost (CAT), the initial expenses, the down payment, and the commissions.
“By acquiring a home, you acquire a right to property. A mortgage offers other benefits like insurance coverage, a better credit history, greater financial inclusion, and you even learn to budget. “
At what age is it advisable to buy a house?
The expert from Propiedades.com recommends that the investment be made early, at a young age. Some of the benefits that stand out are to make a better budget and order the finances, security, and organization of the life plan.
We recommend making an early investment, which implies greater wealth during its productive cycle and greater liquidity, for the retirement stage. Of course, only if buying a home or investing in residential assets is on the priority scale. “
In fact, once millennials have a credit history or Infonavit score, it is advisable to start by purchasing a new home.
This enhances real estate turnover, allows the acquisition of a second or third home and thus integrates a portfolio of residential assets that allow a sustained generation of wealth in the long term, ”he concluded.