This paper explores the ways in which consensually-defined, socially-constructed living standards could be helpful in providing new ways of understanding living standards in Mexico. A pilot study formulating a “Minimum Income Standard”, carried out in the country in 2016, asked members of Mexican society what they consider to be necessary to achieve a dignified standard of living in urban Mexico today. Participants discussed the meaning of a dignified standard of living and translated such definition into concrete items in a hypothetical living room and in leisure time. Our study reveals that social participation, security, and employment are seen as important elements to live a dignified standard of living, which permeate the rationale for identifying the goods and services seen as needed to achieve a dignified living standard. The definition of a dignified standard of living could usefully inform and contribute to the ongoing debate on wage adequacy in the country.