17 June 2008 107 views No Comment

The latest edition of Fortune magazine argues that you don’t have to go overseas anymore for a dream retirement home. Slumping home prices in markets like Miami, Las Vegas, Phoenix, and San Diego have generated opportunities for great deals, without having to adapt to a new culture and way of life in Mexico. Over the past year, home prices are down 21.7% in a year in Miami, 22.8% in Las Vegas, 8% in Pheonix, 9.8% in San Diego and there is little evidence that the downturn will be ending anytime soon. The value of the dollar has also been falling so Americans no longer have the purchasing power that they once had in Mexico.

The other side of the argument is that Mexico’s home market is appreciating rather than depreciating, the prices are still significantly lower in most areas, the cost of living is still much cheaper and you can hire someone to do your chores for much less. Most people prefer sandy beaches that overlook the Pacific rather than the Phoenix desert. Mexico offers many places to explore for those who want something new. So while I agree that there are opportunities everywhere you look in the US, it pays to do your research to discover the ideal lifestyle that fits you and your goals, even if that means brushing up on your espanol.