Gentrification is a phenomenon that affects Mexico and several countries around the world and is due to the massive immigration of higher-income people, including foreigners, who displace the native population.
This can be seen in areas such as Colonia Roma in CDMX, where rental prices are experiencing a significant increase due to the high demand for rental properties.
The arrival of digital nomads and the adaptation of houses into rentals through platforms such as Airbnb have caused prices in this area of Mexico City to increase by up to 118%.
playground He took to the streets to find out the opinions of residents in the area and to understand how gentrification affects different cities.
The series LIVE HERE The aim is to make visible different social phenomena such as costs, salaries and lifestyles of people living in the main neighborhoods of some Latin American cities.
How much does it cost to live in Colonia Roma?
The social phenomenon of gentrification has several direct impacts in some parts of Mexico; such as increasing rents and displacing people who have lived there for years.
It has been shown that the Roma and Condesa neighborhoods are among the areas that experience rental price increases of more than 10% or 15% that Mexico City records on average.
A study conducted by proptech company Homie found that the average rental cost reached 15,000 pesos per month (US$890).
“I do not know. All I can think about is London. To be honest, it’s not that cheap here; “Not even compared to London,” said one foreign woman interviewed by LIVE HERE from Playground.
These two colonies were the most drastic examples due to the arrival of digital nomads and foreigners. In fact, annual income increases were between 20 and 30%.
However, short-stay rentals through platforms like Airbnb have increased by up to 40%. The truth is that transient housing use has increased 324% over the last decade, according to data from CDMX’s General Territorial Planning Program.
This has resulted in Colonia Roma’s rent currently averaging about 22,000 pesos per month per apartment ($1,306).
If we take these numbers into account, we can see that it would be very difficult for an ordinary Mexican to live and lead a lifestyle in this neighborhood.
The minimum wage of a Mexican in CDMX is about 4,562 pesos ($271); Therefore, signing a rental agreement in Colonia Roma could cost almost 30% of your monthly salary.
Gentrification is here to stay and Mexico has seen how social dynamics can change due to this phenomenon.
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