It was once a rite of passage into adulthood for many families across the country, but purchasing a home has now become a luxury that too many Americans can simply no longer afford.
While there are many factors that have contributed to the current state of affairs, there are a few factors that have made homebuying particularly expensive in recent years:
- Supply chain interruptions and shortages of building materials
- Inflation and rising interest rates
- Investors purchasing homes to turn them into rentals
A growing number of people who are priced out of the market stateside are simply packing up and moving to another country.
Meet Ben and Megan Mitas
One couple who did just that moved from an apartment in Florida — where they paid roughly $2,700 per month — to Portugal. Upon arriving, Ben and Megan Mitas were able to purchase a home in a historically significant neighborhood within the capital city of Lisbon.
They’ve found that lots of people in their community speak English and their two young children are fitting in nicely. Meanwhile, Ben can travel back and forth to the states as needed for his job.
Important factors to consider
Remote work has made it easier than ever for many people to live wherever they choose — but if you’re planning a big international move, it’s vital to do plenty of research.
Consider the culture, cost, and compromises you’d have to make while understanding that many of the issues keeping U.S. costs high are also causing similar trends in other countries.
The National Association of Realtors will be releasing its latest figures tomorrow, which are expected to show the 12th straight month of declining existing-home sales, which could make homes a bit more affordable — particularly if the Federal Reserve decides not to keep hiking interest rates.