As of March 2024, the cost of living in Bogota was the highest among major Colombian cities. In total, the average cost per month amounted to *** U.S. dollars. Cartagena followed in the ranking, with a monthly cost of living of *** U.S. dollars at that time.

Benjamin Herrera, situated in Barrios Unidos, was the most expensive neighborhood for residential real estate in Bogota, Colombia in 2022. As of October 2022, the cost of residential real estate in this neighborhood was almost ***** U.S. dollars per square meter. The source differentiates three different types of housing: low-, mid- and high-end. The figures provided refer to the mid-end segment.

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.