Live and Invest Overseas Budget for Ecuador

Retire to Ecuador on $660 Per Month

In Ecuador, I believe Cuenca to be the best place for an expat to retire. It's not the cheapest, but I think it's the best quality of life for the money.

At just over 400,000 people, Cuenca is the perfect size. It's small enough so that you always see someone you know when walking around town and you know how to get around, how to get things done. What's more, people know and remember you, which makes you feel at home and part of the community.

But Cuenca is not so small that it doesn't have all the services you need. It's the provincial capital of Azuay, so you have the state and municipal offices at your convenience. There are a number of fine-dining restaurants, plus theater, orchestra, and plenty of festivals and celebrations to enjoy.

The colonial architecture, Andean markets, and heritage of the city make you really feel that you're really experiencing another country and a rich culture.

Public transportation is great, both within the city and between cities. The city buses are plentiful and inexpensive. Taxis are about $1.50, and a four-hour ride to Guayaquil is about $8. Owning a car is an unnecessary expense, and, in fact, a burden to most people. Rental cars are easily available when you're ready to explore the country off the beaten trail.

The expat community is small enough that the general population hasn't formed much of a stereotype about what American expats are like, but large enough so that there's always someone with whom to get together for company.

How much to retire to Cuenca ?

Allow $1,240 per month if you're planning to rent.

I believe you could live in Cuenca comfortably on about $1,240 per month if you are renting a home. This is for two people. In my budget, I've omitted household help, as, if budget is the primary concern, you probably won't want it. But if you do, plan on spending around $200 per month for a live-in maid.

Renter's Budget in Cuenca, Ecuador

The rental I'm using as an example here is an actual apartment in a modern building that's less than 10 years old. The apartment is on the fifth floor, meaning you have a view of Cuenca's downtown and the mountains ringing the city in the distance from one side. The other side of the building has a view of the river, with the mountains in the background. The building has a doorman, groundskeepers, a huge personal storage room, and underground parking.

But you could live for less, if so inclined. To cut costs further, you could rent a "local"-style apartment for about $100 per month, with no HOA fees. This would get you about 60 square meters in an older building with no doorman or garage. This would cut your budget by $500 per month.

On the other hand, you could plan on as little as $660 per month if you're planning to own your own home.

Home-owner's Budget in Cuenca, Ecuador

Car owner's Budget in Ecuador

As you may have noticed, neither of the budgets above included costs for owning a car. Here’s what you can expect to pay:

If I were to add a small luxury, I'd consider $100 per month for in-country exploration. This should allow for four in-country vacations per year. Also, if you're buying a house instead of an apartment or condo, don't forget homeowner's insurance.

Remember, Ecuador uses the U.S. dollar. So, while the dollar's decline is causing expat prices to rise in neighboring countries, Ecuador remains stable for dollar-holders.

Christian MacDonald
For Live and Invest Overseas

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