The average home costs 6 years of income. The price-to-income gap widens every year.
The average household in Mexico earns ~$25,900 MXN/month (ENIGH 2024). With an 11.5% mortgage rate (ABM 2025 average), a 15% down payment, and an average home at $1,863,965 MXN (SHF Q4 2025), the monthly payment consumes 65% of income — more than double the healthy limit of 33%. The PTI (price-to-income ratio) is 6.0x: the home costs 6 full years of gross income.
We built an affordability index using PTI calculated with SHF + ENIGH 2018-2025 data. We applied French amortization (11.5% rate, 15% down payment, 20 years) to derive the maximum affordable price from the average household income. We compared the "affordable" home ($945,000 MXN) with the actual market price ($1,863,965 MXN) and measured the evolution of the gap since 2018.
The average household can sustain a mortgage of ~$945,000 MXN adhering to the 33% rule of income allocated to housing. The average market home costs $1,863,965: 97% more. Annual home appreciation (8.7% national average) outpaces income growth (~3.8%/year according to ENIGH), widening the gap structurally since 2018.
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Visualizations programmatically generated from verified public data.
The gap
Base 100 = Q4 2018 — SHF (prices) + INEGI ENIGH (incomes)
| Period | Home price (SHF) | Household income (ENIGH) |
|---|---|---|
| 2018 | 100 | 100 |
| 2019 | 108.7 | 104.2 |
| 2020 | 118.1 | 100.8 |
| 2021 | 128.5 | 104.7 |
| 2022 | 139.7 | 109.3 |
| 2023 | 151.9 | 114.7 |
| 2024 | 165.1 | 120 |
| 2025e | 179.5 | 129.6 |
Source: SHF Price Index Q4 2025 / INEGI ENIGH 2024
The gap in pesos
MXN — average household, 33% income rule, ABM 11.5% rate, 20-year term
| Period | Value (MXN) |
|---|---|
| Maximum affordable (33%) | 945000 |
| Average SHF price | 1863965 |
Source: SHF Q4 2025 / ENIGH 2024 / ABM
The market
% annual variation — SHF Price Index Q4 2025
| Category | Value |
|---|---|
| Guadalajara | 11.3 |
| CDMX | 9.8 |
| Monterrey | 9.2 |
| National | 8.7 |
| Querétaro | 7.6 |
| Mérida | 7.1 |
| Puebla | 6.8 |
| Toluca | 4.6 |
Source: SHF — SHF House Price Index
Your case
Adjust your income and loan terms to view your affordable home
Affordable home (33% rule)
$945,000
Average market price (SHF)
$1,863,965
Max payment 33%/mo
$8,543
Real market payment/mo
$16,900
% of income
65.3%
Gap
+97%
French amortization. Fixed SHF price.
Methodology & Transparency
The home price index uses data from the SHF House Price Index as its base (Q4 of each year, deflated to base 100 in 2018Q4). Household income is taken from the ENIGH (biennial cycle: 2018, 2020, 2022, 2024) with linear interpolation for non-surveyed years; the 2025e value is an estimate using the variation of the CPI of services and the growth of the average IMSS salary. The PTI (Price-to-Income ratio) is nominal price / (monthly income × 12). The "affordable" home is calculated by applying the French amortization formula: installment = P × r(1+r)^n / ((1+r)^n-1), limiting the installment to 33% of monthly income. P = financed capital (price - down payment), r = monthly rate = annual rate/12, n = term months. Appreciation data by metropolitan area is from the SHF House Price Index, Q4 2025 annualized quarterly variation. Income data belongs to households and does not equate to individual personal income.
Published: · Sources: SHF 4T2025, INEGI ENIGH 2024, Banxico/ABM
Sources
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