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As noted by other writers, lifestyle dictates how far your dollars will go. By way of comparison, local minimum wage is somewhere around $125 US a month and people do get by but usually with more than one person in the household working. While cost of living continues to climb it is still a very inexpensive place to live.
If the information at the http://www.honduranlaw.com/ site is still accurate, the "Pensionado" residency category is available for individuals who have a pension-type income (permanent, from a government or financial institution, or business pension fund) of at least $1,500 a month.
I have no experience in the Tela area, but I have found La Ceiba a very walkable town and taxis around town are just less than a $1 a trip. You really do not need a car. There are internet cafe's on virtually every block. A pack of cigarettes or a beer just a bit more that a $1 (that's retail on the beer, by the case less than 1/2 that). My priorities may be a bit mixed up, but everyone has their own yardstick for measuring cost of living.
Further down I believe you will find a post by "la Gringa" with some more prices around La Ceiba. Her information is always reliable.
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