How expensive is the cheapest house in Latin America? The cheapest dwelling offered by the private sector in Latin America without any construction subsidies averaged $24,000 in 2010, and families needed 21 months of full income to pay for them, according to "Room for Development: Housing Markets in Latin America and the Caribbean", the latest edition of the IDB´s flagship publication Development in the Americas. The figure shows the average prices for the cheapest private-sector housing in large cities in Latin America. Caracas, Buenos Aires and Santiago are the region´s most expensive while La Paz, Managua and Guayaquil are the cheapest. Factoring in the level of income and the time that it would take a household to pay for the house, Buenos Aires, Caracas and Montevideo are the most expensive and Bogota, Guadalajara and San Jose are the cheapest.