Buenos Aires among the cheapest cities in the world but with low salaries: how much it costs to live, according to Deutsche Bank

Deutsche Bank Research Institute published a new edition of Mapping the World's Prices 2026, the report that compares the cost of living, salaries, housing, and various goods and services in 69 cities across six continents.{#p-1786903117928-49881}

The survey converts all prices to dollars and primarily uses information from Numbeo, supplemented by cleaning and verification processes carried out by Deutsche Bank. The bank warns that, due to the largely collaborative nature of the information, individual values may contain noise and recommends focusing especially on general trends.{#p-1786903117928-24883}

Argentina appears in the report as one of the most particular cases. On one hand, Buenos Aires remains near the bottom of many price tables expressed in dollars. On the other hand, some costs have seen very strong increases since 2019, while salaries continue to be among the lowest in the survey.{#p-1786903117928-6354}

The central explanation posed by Deutsche Bank is linked to the exchange rate. The bank notes that exchange rate variations are the main factor behind the annual changes in its dollar price base.{#p-1786903117928-67108}

In this sense, the report states: "At the other extreme, the Argentine peso's near-total collapse (-99%) means Buenos Aires remains near the bottom of most price tables in USD terms despite domestic hyperinflation". In other words, "at the other extreme, the near-total collapse of the Argentine peso (-99%) means Buenos Aires remains near the last places in most price tables in dollars despite domestic hyperinflation".{#p-1786903117928-6811}

The comparison of the bank's inflation data in recent years and Argentina's position{#p-1786903208292-30689}

The Argentine peso has lost practically all its value in a decade {#p-1786903117929-20695}

The report's exchange appendix allows for dimensioning that movement. Deutsche Bank takes the exchange rates as of June 30 of each year and expresses how much one unit of local currency is worth in dollars. For Argentina, the value went from u$s0.0665 per peso in 2016 to u$s0.0007 in 2026. This implies a cumulative drop of 99% since 2016. Compared to 2012, the drop reaches 99.7%, while since 2019 it stands at 97.1%.{#p-1786903117929-88709}

The depreciation was the most pronounced of all the currencies included in that comparison. At the same time, Deutsche Bank places Argentina as the country with the highest accumulated inflation since late 2019. In one of its main graphs, it calculates an increase of 3,910%, far above Turkey, with 829%, and Egypt, with 174%.{#p-1786903117929-23165}

How much is earned in Buenos Aires in 2026 {#p-1786903117929-4819}

One of the central indicators of the report is the net monthly salary after taxes. For Buenos Aires, Deutsche Bank estimates an income of u$s842 per month in 2026, placing the city in 59th place among the 69 analyzed.{#p-1786903117929-77190}

The evolution shows:{#p-1786903117929-48001}

• 2012: $1,223.
• 2016: $886.
• 2019: $624.
• 2025: $809.
• 2026: $842.

In dollar terms, the salary is still 5% lower than in 2016, although it is 34.9% higher than in 2019. The contrast with the leading cities is enormous. Zurich reaches $8,363 monthly, San Francisco $7,601, Geneva $7,444, Boston $6,258, and New York $5,534.

Even within Latin America, Buenos Aires ranks below Mexico City, with $1,059, and São Paulo, with $853.

Renting a three-bedroom apartment costs $1,572.

The sharp increase in rents is another highlighted point for Buenos Aires. According to the survey, renting a three-bedroom apartment in the center costs about $1,572 monthly in 2026.

The evolution was:

• 2012: $989.
• 2016: $831.
• 2019: $579.
• 2025: $1,416.
• 2026: $1,572.

This implies an increase of 89.2% in dollars compared to 2016 and 171.8% compared to 2019. Buenos Aires ranks 57th out of 69 for the absolute value of rent.

This data also allows for a direct comparison with salary: the monthly rent for that apartment is equivalent to almost 1.9 average net individual salaries considered in the report.

How much does it cost to rent a one-bedroom apartment?

For a smaller home, a one-bedroom in the city center, Deutsche Bank calculates a monthly rent of $736.

The historical values were:

• 2012: $553.
• 2016: $444.
• 2019: $328.
• 2025: $728.
• 2026: $736.

Thus, rent has advanced 65.7% in dollars over a decade and 124.6% compared to 2019. Buenos Aires ranks 57th in this table.

Disposable income after rent has collapsed.

Deutsche Bank also calculates an index of disposable income once rent is deducted, based on the assumption of two people working and renting a three-bedroom apartment. For Buenos Aires, the result for 2026 is just $112, which places the city at 62nd out of 69.

The evolution is particularly negative: 2012: $1,456. 2016: $941. 2019: $670. 2025: $201. 2026: $112.

In ten years, the available income measured by this methodology fell 88.1% and compared to 2019, it decreased by 83.3%. In comparison, Zurich leads the ranking with $10,442, Geneva with $10,034, and San Francisco with $9,130.{#p-1786903117929-94920}

How much does it cost to buy an apartment in Buenos Aires? {#p-1786903117929-99908}

The purchase price shows a very different dynamic from that of rentals. Deutsche Bank estimates that acquiring an apartment in downtown Buenos Aires costs around $2,621 per square meter, placing the city in 64th place out of 69.{#p-1786903117929-46941}

The compared values are:{#p-1786903117931-84559}

• 2012: $2,561 per m².{#p-1786903117931-31853}
• 2016: $2,712.{#p-1786903117931-36950}
• 2019: $3,172.{#p-1786903117931-9871}
• 2025: $2,608.{#p-1786903117931-47630}
• 2026: $2,621.{#p-1786903117931-65113}

{#p-1786903497985-55559}

The price is 3.4% lower than in 2016 and 17.4% lower than in 2019. The difference compared to the most expensive cities is substantial: Hong Kong exceeds $27,700 per square meter and Zurich $26,700.{#p-1786903117931-87595}

Buenos Aires has the highest mortgage rate in the ranking {#p-1786903117931-31792}

One of the strongest data points in the report is in real estate financing. The proxy used by Deutsche Bank for a 20-year fixed mortgage shows an annual rate of 54.7% for Buenos Aires, the highest among the 69 cities analyzed.{#p-1786903117931-86262}

In 2016, the recorded rate was 25.6%, and in 2019 it had reached 51.4%. In 2025, it was 48.3%. This represents an increase of 29.1 percentage points compared to 2016. The second city in the ranking, Istanbul, is significantly lower at 41.1%.{#p-1786903117931-42041}

Deutsche Bank also calculates how much the mortgage payment represents relative to a household's income. To do this, it assumes the purchase of a 90 square meter apartment in the center, with a 20% down payment and two people working.{#p-1786903117931-34591}

Buenos Aires again takes first place: the indicator reaches 511% of income. In 2012 it was 144%, in 2016 237%, in 2019 it reached 782%, and in 2025 it was at 467%. According to the report's own comparison, the Argentine value is equivalent to 593% of the New York indicator.{#p-1786903117931-27041}

Food: Buenos Aires costs 47% of New York {#p-1786903117931-87058}

In terms of food, Buenos Aires remains relatively cheap in the international comparison. The supermarket index in the report takes New York = 100. Buenos Aires reaches a value of 47, meaning the surveyed basket costs approximately 47% of the New York one. The city ranks 47th.{#p-1786903117931-75419}

However, the evolution shows a strong recovery since 2019. The index rose from 29 points in 2019 to 41 in 2025 and 47 in 2026. This represents a relative increase of 62.8% compared to 2019. Compared to 2016, however, it is still 14% lower.{#p-1786903117931-26429}

A pack of 20 cigarettes costs $4.20 in Buenos Aires. The city ranks 54th in the ranking, and the price represents about 22% of the value in New York.{#p-1786903117931-32938}

In 2016 it cost $2.60 and in 2019 $2.10. Thus, it increased 58.8% in ten years and doubled compared to 2019.{#p-1786903117931-81155}

Local beer costs approximately $2.34 in Buenos Aires. The city ranks 28th, with a price equivalent to 73% of the value in New York.{#p-1786903117931-72551}

Compared to 2016, when it cost US$1.86, it has increased by 25.8%, while since 2019, when it was at US$1.36, the rise reaches 72.1%.{#p-1786903117931-30080}

A "cheap date" costs US$322 in Buenos Aires {#p-1786903117931-90469}

Another particular indicator from the report is the "Cheap Date Index", which includes a bottle of wine, a pair of jeans, a dress, two coffees, a dinner for two, two movie tickets, two transport tickets, and a five-kilometer taxi ride.{#p-1786903117931-1507}

In Buenos Aires, this basket amounts to US$322, placing the city at 17th among the most expensive. In 2016 it cost US$238 and in 2019 only US$161. Thus, the index has risen 35.6% over a decade and nearly 100% since 2019.{#p-1786903117931-15857}

This is one of the data points that shows that, although Buenos Aires remains cheap in numerous general comparisons, certain leisure and clothing-related expenses already have high prices in dollars.{#p-1786903117931-2853}

Buenos Aires has one of the cheapest wines {#p-1786903117931-97143}

A mid-range bottle of wine costs only US$5.90, placing Buenos Aires at 67th out of 69, meaning among the cheapest cities. Only Lisbon and Rome appear with lower values in the table.{#p-1786903117931-72534}

The price represents only 29% of what the same reference costs in New York. In 2016 it was US$5.40 and in 2019 US$4.20, thus accumulating a rise of 9.1% over ten years and 41.1% compared to 2019. The report itself highlights Buenos Aires among the cities where wine remains cheap.{#p-1786903117931-51835}

Buenos Aires is the most expensive for clothing {#p-1786903117931-53596}

The situation changes completely in clothing. A pair of jeans equivalent to a Levi's 501 costs US$114 in Buenos Aires. This value places the Argentine capital in ninth place among the most expensive cities surveyed.{#p-1786903117931-85140}

In 2016 it cost US$98 and in 2019 only US$61. Thus, it has increased 15.9% over a decade and 86.3% since 2019.{#p-1786903117931-32789}

The most extreme data in the entire Argentine comparison appears in dresses. A summer dress in a chain store costs US$94 in Buenos Aires, the highest value among the 69 cities analyzed. It surpasses Tel Aviv, at US$89, and Geneva, at US$88. In 2016 it cost US$62 and in 2019 US$47. Thus, the value has increased 51.2% over ten years and 99.5% since 2019.{#p-1786903117931-68192}

Deutsche Bank even uses this data among the headlines of the report: "Don't spill the cheap wine on your summer dress in Buenos Aires as it's the most expensive place to buy a replacement".{#p-1786903117931-53502}

The price of a regular cappuccino in Buenos Aires rises to US$4.02. The city ranks 35th and its price is 67% of that in New York. In 2016 it cost US$2.81 and in 2019 only US$1.81, thus increasing 43.1% since 2016 and 122.1% compared to 2019.{#p-1786903117931-82223}

A Coca-Cola or Pepsi costs around US$2.08 in Buenos Aires. The price places the city at 38th and represents 59% of the New York reference.{#p-1786903117931-70720}

In 2016 it was US$1.46 and in 2019 US$1.27. The accumulated increase reaches 42.5% and 63.8%, respectively.{#p-1786903117931-17548}

A McDonald's combo costs the same as in New York {#p-1786903117931-69719}

One of the most striking data points is the price of a McDonald's combo. In Buenos Aires, it costs $13, exactly the same value that Deutsche Bank reports for New York. Therefore, the relative index marks 100%. Buenos Aires ranks 22nd, compared to $8.50 in 2016 and just $6.10 in 2019.

The accumulated increase reaches 52.3% over ten years and 112.5% compared to 2019.

A three-course meal for two people in a mid-range restaurant costs $70. Buenos Aires ranks 33rd, and the value is equivalent to 50% of New York. In 2016, it cost $40 and in 2019 $27. The increase was 76% since 2016 and 159.6% since 2019.

Cost of Goods and Services

In other goods and services, Buenos Aires shows intermediate or relatively low values compared to the rest of the 69 surveyed cities, although in many cases prices have risen sharply when measured in dollars since 2019. A movie ticket costs $11.10, placing the city in 44th position, with an increase of 26.5% compared to 2016 and 62.2% compared to 2019. The monthly gym fee amounts to $52, ranking 36th, and accumulates increases of 19.2% and 58%, respectively. The price of a liter of gasoline is $1.31, ranking 44th, a value 11% higher than in 2016 and 32.3% greater than in 2019.

In transportation, the monthly pass costs around $28, placing Buenos Aires in 56th position, after increasing 55% since 2016 and 60.5% compared to 2019. A single ticket costs $0.71, while a five-kilometer taxi ride, including the flag drop, is around $6.70: the latter is still 14.9% below the value of 2016, but is 86% more expensive than in 2019.

On the other hand, a new car comparable to a Volkswagen Golf 1.5 costs around $30,000, 35.3% more than a decade ago and 54.6% above 2019. The exception is internet: a service of at least 60 Mbps with unlimited data costs $29.10 per month and is one of the few areas that has become cheaper in dollars, with a decrease of 39.9% compared to 2016 and 10.9% compared to 2019.

The complete picture is much more complex than simply stating that Buenos Aires is a cheap city. The conclusion that arises from the data is a paradox: Buenos Aires remains cheap for various consumptions when viewed from abroad and with income in dollars, but it becomes much less accessible when those prices are contrasted with local salaries.