Mexico City is one of the more expensive destinations in Latin America; however, visitors remain impressed by its relative affordability when compared with major European and US cities.
Ranked as the 21st most expensive city in the world, just above Frankfurt, Mexico City is not as cheap as it once was due to the recent influx of digital nomads and the sharp increase in tourism that has seen a 93% rise in hotel accommodation prices.
Nevertheless, there is still a budget-friendly experience to be had, and Mexico City offers fantastic value for money when you consider the sheer quantity and quality of its culinary and cultural offerings.
Daily Costs in Mexico City
- Shared hostel room: MXN$260
- A room on Airbnb: MXN$440 to MXN$530
- A one-way metro ticket: MXN$5
- Museum entrance fee: MXN$70
- Michelada at a bar: MXN$50
- Tacos for two at a street food stand: MXN$30
- Dinner for two at a standard restaurant: MXN$280
Average daily cost: MXN$1050
Avoid the Swanky Areas
Mexico City is colossal, making it crucial to choose the right neighborhood for your stay. While Condesa, Roma, and Polanco are great areas, they tend to be the most expensive due to an influx of foreign remote workers in recent years.
Conversely, consider accommodation in neighborhoods such as Coyoacán in the south of the city. Home to Frida Kahlo for most of her life, Coyoacán has a bohemian vibe without the hefty price tag, allowing you to experience local life. Although slightly farther out, it is well connected by public transport and boasts numerous attractions like Kahlo’s Casa Azul and the lively Coyoacán Market.
Another area that blends affordability and safety is Centro Histórico, which offers cheap accommodation options and is surrounded by the capital’s major sites.
Time Your Trip Around Mexico’s Festive Calendar
A popular time to visit Mexico City is during the Day of the Dead in early November. This festive period sees millions of locals, domestic tourists, and foreigners descending upon the capital, consequently raising accommodation and airfare prices.
Easter and Semana Santa (Holy Week) are back-to-back festivals celebrated across Mexico. During these two weeks, many locals travel, making the city quieter and more affordable.
However, spring tends to be one of the priciest seasons. Other economical times to visit are during the rainier summer months of July, August, and September, or the cooler months of January and February, which may deter some sun-seeking tourists.
Choose Hostels or Rent a Room
The most obvious way to save on accommodation is to choose a hostel, which can be as little as MXN$190 per night in Mexico City. If hostels aren’t your preference, the city is brimming with reasonably priced Airbnb options.
Instead of booking an entire apartment, look for hosts renting out spare rooms for around MXN$430 per night. For couples, this can be just as economical as a hostel dorm without the need to share a room with multiple people. Ensure your accommodation is within walking distance of the local metro station to save time and money.
Make Public Transport Your Best Friend
Mexico City boasts one of the cheapest metro systems in the world, with a single ride costing only five pesos. You can purchase a single paper ticket each time you ride, or, if staying for a longer duration, buy a Metro Card for around 15 pesos and top it up as needed at recharge machines.
Likewise, the Metrobús is six pesos, and an electronic card for this service is available for 10 pesos.
Find the Cheapest Eats
Mexico City is a culinary titan, and the best part is you don’t have to indulge in fine dining to enjoy great flavors. Its world-renowned street food can be incredibly cheap (think MXN$10 for a taco), making it a more economical option than cooking at home.
Seek out dishes such as elotes (corn on the cob) topped with mayo, cheese, and spicy salsas, marquesitas (crunchy crepes), tortas (big Mexican sandwiches), and gorditas (stuffed corn cakes).
However, don’t compromise on quality; opt for busy stands with lines of locals, a sign of good reputation and freshly prepared food.
Lunch Like a Local
Another way to maximize your food budget is to eat at comedores or fondas—family-run cafeterias typically frequented by office workers during lunch hours. These establishments serve comida corrida—home-cooked staples that are quick, tasty, and affordable.
Look for unassuming spots with handwritten signs displaying menús del día. The fixed-price menu usually features three to four courses, including soups, stews, fresh juices, and desserts like arroz con leche (rice pudding) for just 50 to 80 pesos.
Capitalize on Accessible Cultural Sites
The wealth of Mexico City’s history, architecture, and culture means the capital is overflowing with museums and art galleries.
Many museums offer free entry on Sundays and are around MXN$70 for the rest of the week. Visit iconic sites like Diego Rivera’s murals at the Secretaría de Educación Pública or the Palacio Nacional for free.
Additionally, there is a packed yearly calendar of cultural events, including film festivals, fairs, and music concerts, many of which are free to attend.
Pack a Picnic and Enjoy the Parks
Despite being a major metropolis, Mexico City features large parks and green spaces perfect for relaxation.
Parque Bicentenario offers a stunning orchid garden, numerous sports fields, and a large lake ideal for picnicking.
Chapultepec Park—often dubbed the Central Park of Mexico City—has enough attractions to fill an entire day. This sprawling green area houses a zoo, as well as the Museo Nacional de Antropología and Castillo de Chapultepec, both reachable via a short hike.
Explore Mexico City’s Markets
Mexico City is a place where you could easily spend your entire budget on souvenirs alone. However, the capital is filled with public markets and tianguis (flea markets) where good bargains await, whether you’re looking for handicrafts, second-hand clothing, artisan accessories, or unique home decor.
Mercado de Artesanías la Ciudadela is among the most popular and economical markets in the city. While some markets in upscale areas like Mercado Medellín in Roma Sur can be pricier, they still offer a range of unique items.
Experience the City’s Vibrant Nightlife
One of the safest and most affordable nightlife spots is Zona Rosa, located just west of the city center, favored by both locals and tourists alike.
Known for its accessibility and inclusivity, it is one of the most LGBTIQ+-friendly neighborhoods and home to a growing Korean community.
This vibrant area is packed with cantinas, bars, karaoke spots, and antros (nightclubs). For great views and cheap drinks, try La Marchela, or if you’re interested in the local gay scene, check out dance floors at Kinky Bar or Cabaretito Fusión. It’s best to stick to beer, as cocktail prices can quickly add up.
