I live in Southern Baja, been here about 9 years now. My husband is from here, our 4 kids were born here.
We live in a small town and there are several private schools to choose from. We chose to homeschool, not for a lack of good schooling options though.
Pros:
-cheap delicious food (if you eat like Mexicans, so rice, beans, tortillas, tomate, chili verde, and onion, cilantro. Even bread is affordable. Peanut butter and chocolate chips are NOT affordable, at least where I am).
--immersion in a different culture. I just think it's fascinating being around people who have a different world view, so there's endless stimulation there.
--slow pace of life (this is due to a small town, i'm sure it's the same in small towns in the us)
--the beach and the lovely 70 degree winters.
--community. I married into a robust family of 7 siblings so there's a shit ton of relatives and they do great get-togethers. The expat community is also close-knit and everyone knows your name, because they are isolated within the larger culture.
Cons:
--the dust. After 9 years I'm almost used to it. You have to mop 3x a week. Your car will be filthy. This is probably not so bad in a city. I live in a place with mostly dirt roads.
--my family is far away. This is very difficult. Much more difficult than I could have imagined. However we are working very hard and very tied to the land. We are hoping to be able to step away more soon. And we are also hoping to be able to afford travel at some point soon. So if you have money and are FIRE or work remotely, this will less of an issue for you.
--no close friends. I'm not quite in with my in-laws yet. They're very nice and very friendly, but it's not quite family yet. And I haven't been able to make close friends here yet. Expats tend to come and go a lot. And many of them are in a different socioeconomic class so that just makes things a little different. I'm making an effort to cultivate friendships.
--being foreign. Everything is ten times harder than back home because you don't just know how it is. Easy things like the public doctor. Do I get a number? Are they going to call me? How come that person just went up to the nurse without being called? How do vaccines work? Oh, they're not here today, but they might be here on Friday at 9 am, ok I'll come back. I need to pay taxes on our rental property. How do I do that? I have to go to SAT. Do I need an appointment? Oh I was supposed to bring an electronic clave? No I don't have that. Can I get one? Yes, but I'll need a USB drive. Can I come back right now? No I have to make another appointment. I need more cooking gas. How do I get that? I have to call the gas truck? Oh, but he only comes to town on Tuesdays, ok. Oh, he usually comes on Tuesdays but this week he'll come on Wednesday. How come the garbage men didn't come today? Oh, it's a public holiday. My car needs a mechanic. Who do I call? Ok, he says I need a part. Ok, great, install the part. Oh, we have to get the part. He's going to the city tomorrow, he could get it for me. He needs cash now for the part. Ok, I can go to the bank and get the cash to get the part. Oh, the ATM is out of cash. Try the other ATM, yes it worked! Ok, wait for call that car is ready. Call doesn't come. Call mechanic. Oh, maybe tomorrow something came up today. These are little things, that don't seem like a big deal, but sometimes it feels like death by a thousand paper cuts. And I have a Mexican husband. I can't imagine not having him to lean on. This is the flip-side of Pro point #2.
Just do it! Does it need to be permanent? Are you signing an irrevocable life contract? You will find out very soon if you like it! Pro-tip, don't buy right away! I'd wait til the honeymoon wears off, maybe 3-5 years. There are tons of great places to rent where I live, and they're often furnished. I'd put your stuff in storage and just try it for a year. Then decide if you want to move all your stuff down.