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As the Cost of Living Continues to Rise, Many People Are Looking Abroad for A Solution

AgentImage  | August 21, 2018

By Amber Cypcar

Over recent years, prices in the United States have skyrocketed. From housing costs, and gas prices, to utility bills and food expenses, the numbers on the receipts just keep getting higher. And while the price of things continues to go up, it seems that quality is going down. But what can be done about this you ask?Well, simply put, move.

The number of expats around the world is increasingwith each year and the search for a cheaper cost of life is one of the reasons why. There is a notably high concentration going to South America, especially Ecuador because life down in the south is much less expensive in comparison to it’s northern neighbors. In 2017Ecuador was ranked in both USA Today’s top 25 best countries for expats and International Living’s best retirement destinations of the world and with one look at the cost and quality of life, it’seasy to see why.

We did a comparison between the prices of various productsin both Miami, Florida and Quito, Ecuador to show just how far a dollar can really get you. The results were no surprise as it was expected that the cost of living in Ecuador would be cheaper than in Florida however, it remains quite interesting to see exactly where the differences are.

FOOD Miami, FL Ecuador
Basic Lunchtime Meal (including Drink) $16 $3
Combo Meal in Fast Food Restaurant (Big Mac Meal or Similar) $7 $6
1 lb. of boneless chicken breast $5.95 $3.18
1 Liter (1 qt.) of whole fat milk $1.12 $0.97
12 eggs, large $4.39 $1.50
2 lb. of tomatoes $4.34 $1.25
1 lbs. of local cheese $8 $2
2 lbs. of apples $3.85 $2.34
2 lbs. of potatoes $1.70 $1.00
0.5 (16oz) Liters of domestic beer in the supermarket $3.65 $1.20
1 bottle of red wine, medium quality $15 $12
HOUSING    
Monthly rent for 85m2 (900 Sqft) furnished accommodation in EXPENSIVE area $1,991 $760
Monthly rent for 85m2 (900 Sqft) furnished accommodation in NORMAL area $1,643 $434
Property tax on a $182,400 home $1773 $47.88
Utilities 1 month (electricity, gas, water…) for 2 people $182 $83
Internet (1 month basic) $44 $25
Hourly rate for cleaning help $19 $4
CLOTHES    
1 pair of jeans (Levi’s 501 or similar) $42 $68
1 summer dress n High Street Store (Zara, H&M or similar retailers) $36 $55
1 pair of sport shoes (Nike, Adidas, or equivalent brands) $83 $103
1 pair of men’s leather business shoes $104 $87
TRANSPORTATION    
Volkswagen Golf 1.4 TSI 150 CV (or equivalent), with no extras, new $23,051 $30,000
1 Liter (1/4 gallon) of gas $0.71 $0.60
Taxi tri on business day, basic tariff, 8 km (5 miles) $16 $2.50
PERSONAL CARE    
1 box of antibiotics (12 doses) $19 $8
Deodorant, roll-on $3.94 $4.56
4 rolls of toilet paper $4.50 $1
Standard men’s haircut in expat area of the city $20 $5
Average Health Insurance payment for Single person plan (per month) $321 $65
ENTERTAINMENT    
Basic Dinner out for two in neighborhood restaurant/pub $47 $19
2 tickets to the movies $26 $10.50
1 cocktail drink in downtown club $17 $5
Cappuccino in expat area of city $5.52 $2.13
1 beer in neighborhood pub $5.45 $2
1 min. of prepaid mobile tariff (no discounts or plans) $0.44 $0.15
1 package of Marlboro cigarettes $7 $7
     
Latest price update of Miami: June 07, 2018.
Latest price update Ecuador: April of 2018.

There is an over-arching inexpensiveness when it comes to food and housing in Ecuador with pretty much every element of the category ringing in at a smaller price but when it comes to purchasing a new car or buying clothing, Miami takes the win. This could be due to a variety of reasons such as the high taxes on imported items, the priority of importance that is placed on each item, or simply the availability but whatever it is, it all has a grand effect on the overall cost and the style of life that is to be had.

Many find that they are able to live a comfortable life with $1000 per month without having to cut corners or skimp on lavish items in order to make ends meet. Retirees find that their social security check can cover most costs so they are able to relax and enjoy their life of retirement. The general consensus is that life in Ecuador is affordable, comfortable, and enjoyable and we expect that more people will be making the move if things continue on the path that they are.

If you have more questions about live in Ecuador, Live the Life is here to help. With offices in Puerto Lopez and in the Yunguilla Valley we can assist you in a variety of areas from travel tours to home construction and everything in between. See more information on our website at www.livethelifeinecuador.com or email us at amber@livethelifeinecuador.com.

*Prices and information gathered from https://preciosmundi.com/ecuador/, https://www.expatistan.com/cost-of-living/miami, and personal experience.