As of mid-2024, Montevideo ranked as the second Latin American and Caribbean metropolis with the highest cost of living index. The Uruguayan capital obtained an index score of ****, only second to Port of Spain, in Trinidad and Tobago, with **** points. Monterrey and Panama City were the third and fourth most expensive cities to live in Latin America and the Caribbean that year, with scores surpassing ** points each.

In the fourth quarter of 2022, the most expensive city for business travel in the Americas (excluding the United States) was Toronto, with daily costs amounting to nearly *** U.S. dollars. San Juan, Puerto Rico's capital, followed in the ranking, with daily costs for hotels, food, and transportation reaching an average of around *** U.S. dollars.

Puerto Rico's capital ranked in the second quarter of 2025 as the most expensive destination among major business travel cities in Latin America. In those months, a business trip to San Juan could cost on average around *** U.S. dollars per day, including hotel, basic meals, and transportation from the airport to the city center.

West Virginia and Kansas had the lowest cost of living across all U.S. states, with composite costs being half of those found in Hawaii. This was according to a composite index that compares prices for various goods and services on a state-by-state basis. In West Virginia, the cost of living index amounted to **** — well below the national benchmark of 100. Virginia— which had an index value of ***** — was only slightly above that benchmark. Expensive places to live included Hawaii, Massachusetts, and California. Housing costs in the U.S. Housing is usually the highest expense in a household’s budget. In 2023, the average house sold for approximately ******* U.S. dollars, but house prices in the Northeast and West regions were significantly higher. Conversely, the South had some of the least expensive housing. In West Virginia, Mississippi, and Louisiana, the median price of the typical single-family home was less than ******* U.S. dollars. That makes living expenses in these states significantly lower than in states such as Hawaii and California, where housing is much pricier. What other expenses affect the cost of living? Utility costs such as electricity, natural gas, water, and internet also influence the cost of living. In Alaska, Hawaii, and Connecticut, the average monthly utility cost exceeded *** U.S. dollars. That was because of the significantly higher prices for electricity and natural gas in these states.

The average asking rent for a square meter of industrial real estate varied among Latin American cities. Mexico City, was the most expensive city in the second half of 2024, with a monthly asking rate of ***** U.S. dollars per square meter. Additionally, Mexico City was one of the LATAM markets with the lowest vacancy rate.

North America Luxury Residential Real Estate Market size was valued at USD 150 Billion in 2024 and is expected to reach USD 239.08 Billion by 2032, growing at a CAGR of 6% from 2026 to 2032.

North America Luxury Residential Real Estate Market Dynamics

The key market dynamics that are shaping the North America luxury residential real estate market include:

Key Market Drivers

Rising HNWI Population and Wealth Accumulation: The North American HNWI population has shown significant growth, with studies indicating that 78% of HNWIs consider luxury real estate a primary investment vehicle. Research reveals that 65% of HNWIs plan to increase their real estate portfolio allocation by 2025, with an average investment size of $4.2 million per property acquisition. This trend is particularly pronounced in gateway cities where luxury property appreciation has outpaced general market gains by 2.3 times.

In 2023, Americas Best Value Inn was ranked the best budget hotel brand in North America with a customer satisfaction index score of *** points. Microtel Inn & Suites by Wyndham ranked second with a score of ***. Other high-ranking brands on the list included Surestay Hotel by Best Western and Howard Johnson by Wyndham.

Highest-rated luxury hotel brands

The Ritz-Carlton hotel brand ranked ** points lower than the satisfaction score of North America’s highest-rated luxury hotel brand in 2023: Waldorf Astoria. During that year, Waldorf Astoria received a satisfaction score of ***. The average customer satisfaction score for luxury hotel brands was more than *** points higher than the average economy score.

Most expensive cities for business travel

Daily hotel costs can differ substantially, depending on the city one is visiting. In 2022, the most expensive cities for business travel in the United States were New York, San Francisco and Boston, respectively. Beyond the U.S., the most expensive cities for business travel worldwide included New York, Boston, and Lagos that same year.

Cost of living can vary wildly depending on the city that people live in. Some are hugely expensive while others are comparatively cheaper. This variety can also be seen in the average overnight price of hotels. In September 2023, New York held the highest hotel rate in North America when compared to other selected cities. The average overnight price for a hotel room in New York was 504 U.S. dollars.

The luxury ready-to-move-in (RTMI) home market is experiencing robust growth, driven by increasing high-net-worth individual (HNWI) populations, a preference for immediate occupancy, and a desire for high-end amenities and finishes. While precise market sizing data is unavailable, extrapolating from general luxury real estate trends and considering a typical CAGR of 5-7% for this sector (a conservative estimate given the affluence of the target demographic), we can project a significant market expansion. Assuming a 2025 market size of $50 billion (USD) and a CAGR of 6%, the market could reach approximately $70 billion by 2030 and potentially surpass $100 billion by 2033. Key drivers include the ongoing appeal of luxury lifestyle, increasing urbanization in key global cities, and a desire for convenience among busy professionals who value time over extensive renovation projects. This segment is further fueled by technological advancements in smart home technology and sustainable building practices, increasing consumer demand for these features in luxury properties. Potential restraints include economic downturns impacting high-net-worth individuals' spending power, geopolitical instability affecting global real estate markets, and supply chain disruptions impacting construction costs and timelines. Despite these potential headwinds, the long-term outlook remains positive. The ongoing growth of the HNWI population, coupled with the inherent desirability of immediate occupancy in prime locations, ensures sustained demand. The presence of established players like Houzz, HomeAdvisor, Yelp, and Angie's List highlights the market's maturity and the increasing reliance on online platforms for discovery and purchasing. Regional variations in market performance are expected, with established luxury real estate markets in North America, Europe, and Asia showing the strongest growth. Market segmentation will continue to be critical, focusing on factors such as property size, location, architectural style, and included amenities to cater to the diverse preferences of luxury buyers. The integration of advanced technologies and sustainable practices will further differentiate successful players in this competitive yet lucrative market.

The Bolivian capital ranked as the most affordable city for backpacking in Latin America as of early 2025. On average, travelers in La Paz could manage to spend less than 25 U.S. dollars per day in accommodation, food, and entertainment. The capital of Ecuador ranked second in the list of cheapest destinations for backpackers in Latin America at that time.

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Los Angeles, San Francisco, and San Jose had the highest share of home listings priced over *********** U.S. dollars among the biggest cities in the United States in 2023. However, considering that the median home price in these cities ranges from *** million to *** thousand U.S. dollars, housing around *********** dollars would not be considered luxurious but that of higher prices. Los Angeles city had the largest share of luxury housing above ************ U.S. dollars of **** percent, followed by New York City with *** percent.

Of the most populous cities in the U.S., San Jose, California had the highest annual income requirement at ******* U.S. dollars annually for homeowners to have an affordable and comfortable life in 2024. This can be compared to Houston, Texas, where homeowners needed an annual income of ****** U.S. dollars in 2024.

According to the study, the Brazilian cities of São Paulo and Rio de Janeiro were found to have the most expensive public transport in Latin America, where the monthly cost for the service per month represented approximately *** percent of a person's monthly average income. The Chilean capital of Santiago ranked third, where public transport spending amounted to over *** percent of the average income.

As of November 2021, the cheapest city to travel to in North America was Oaxaca de Juarez, Mexico, with an average daily price of ***** U.S. dollars per person. According to the source, the top five cheapest cities for travelers were all based in Mexico. Meanwhile, the cheapest city for travel in the United States was Williamsburg, at an average of ***** U.S. dollars a day.

The price of tap water in the United States varied greatly from city to city in 2021. One of the most expensive cities for tap water in the U.S. is San Francisco, where one cubic meter costs an average of **** U.S. dollars per cubic meter. In comparison, citizens in the Arizona state capital of Phoenix paid, on average, **** U.S. dollars per cubic meter. This is roughly ** percent lower than the U.S. average. Rising water bills in the U.S. Over the past decade, water bills in the U.S. have increased considerably in a number of major cities. In Austin, Texas, water bills rose by *** U.S. dollars between 2010 and 2018, an increase of *** percent. The sharp rising costs has left many in the United States with unaffordable water bills, especially in low income areas in cities such as New Orleans, Cleveland, and Santa Fe. U.S. water crisis One of the reasons for the rising water bills in the U.S. is the aging and deteriorating water infrastructure. In addition to rising bills, outdated treatment plants with leaking pipes have resulted in harmful toxins and chemicals contaminating drinking water. A number of highly populated cities in the U.S. have been found to have high concentrations of PFAs in tap water, exposing millions of people to potentially unsafe drinking water.

Brazil and Argentina are some of the Latin American countries with the highest average square meter price of an apartment as of November 2020. In Brazil, a *** square meter apartment located in the center of a major city sold at around ***** per square meter. Rio de Janeiro is one of the Latin American cities where buying an apartment is most expensive.

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

Puerto Madero in Buenos Aires, Argentina, was one of the most expensive neighborhoods for residential property in Latin America in 2023, with an average square meter price of almost 5,500 U.S. dollars per square meter. Ipanema in Rio de Janeiro and Del Valle in Monterrey completed the top three with average price of about 4,000 U.S. dollars per square meter respectively.

Nassau was the city with the highest grocery prices in Latin America and the Caribbean, as of mid-2020. The capital city of Bahamas scored ***** in the grocery price index ranking that year, followed by the Puerto Rican capital of San Juan, with an index score of *****. According to the calculation system used for the ranking, this means that people living in these two cities paid for groceries ***** percent and ***** percent less than the inhabitants of New York City, the city used as base for the index.