Rise in Americans Moving to Europe – Roe Vs. Wade, a Strong Dollar and a Cost of Living Crisis
Real estate salespeople and brokers specializing in second homes and second passport applications have reported a growing trend among Americans seeking to leave the United States.
It’s a trend that has been spurred by a variety of factors – a strong dollar against the euro, political events in the United States, the cost of living crisis (notably the rise in the price of real estate) and the fact that post-pandemic, more and more people can work from anywhere and are looking to redefine their relationships with work.
The facts speak for themselves:
- In June, the median sale price of a home in the United States was $416,000, as reported by the National Association of Realtors. That’s a 13% year-over-year increase and makes the cost of a home out of reach for many – there are fewer and fewer mortgage applications, as the Mortgage Bankers Association reports.
- As reported by PAthe euro has reached parity with the dollar for the first time in 20 years, making Europe and its homes a much cheaper option than at any other time this century – the greatest interest has been seen in Italy, Portugal, Spain, Greece and France.
- Sotheby’s real estate specialist, as reported by Bloombergsaid that interest in moving to Greece increased by 40% in the three-month period from April to June 2022, compared to the previous year (although the pandemic could no doubt have a role to play in play in these decisions).
- Estate agent Knight Frank also said demand for moving to France and Italy from the United States was the highest in three years.
- Another example, according to Portuguese government figuresthe number of US residents in Portugal increased by 45% in 2021 compared to 2020.
- This is spurred by the Great Resignation now taking place—Fortune recently noted that 40% of people in the United States plan to quit their job (these numbers have remained relatively constant in recent months in surveys conducted by Microsoft and McKinsey).
- And it’s not just Europe – Apex Capital Partners has seen an increase in the number of Americans interested in obtaining Canadian citizenship (as well as other investor immigration programs) because they are unhappy with the Supreme Court’s decision overturning Roe v. Wade. Since the start of the pandemic, there has been a 200% increase in interest and a further increase since the court ruling.
Of course, while it is technically and financially feasible for more people to settle in Europe, this necessarily meant that it would be easy to adapt. On the one hand, consuming and getting around in European cities is completely different, but the hardest thing to take might be the issue of space – almost everything is smaller in Europe, including houses.