There may be no better time for Americans interested in moving abroad. A strong dollar relative to the euro, more remote work options, and new EU visa programs give would-be expats opportunities to move to Europe, where they may find homes cheaper than any other time this century.
The median sale price for a home in the U.S. reached $416,000 in June, according to the National Association of Realtors, putting home ownership out of reach for many Americans. In fact, mortgage applications are at their lowest level since 2000.
But as the AP reported, the euro has hit parity with the dollar for the first time in 20 years, making European home ownership more attainable for some Americans who can afford it.
And moving abroad may be more convenient for Americans who have greater flexibility since the start of the pandemic or are more willing to leave their jobs.
It’s an idea being given impetus by the “Great Resignation” that is currently taking place—Fortune recently noted that 40% of people in the U.S. are considering leaving their jobs (these figures have stayed relatively constant over the past few months in surveys conducted by Microsoft and McKinsey).
- At one end, real estate specialist Sotheby’s has seen an increase in interest in moving to Greece jump by 40% in the three-month period of April to June 2022, compared to the year before. Real estate agent Knight Frank also reported that the demand to move to France and Italy from the U.S. is the highest it’s been in three years.
- At the other, Bloomberg reported on younger Americans who are being lured by cheaper housing in Europe than is currently found in American cities—the example it gives is for an 800-square foot property in Sicily for €86,560 (around $88,500).
Assuming the financials work out, the biggest obstacle, however, might be how to stay in Europe. True, there are an increasing number of European countries offering visas to remote workers—with others, such as Italy, planning to introduce one soon.
For people with more money, a number of countries, such as Portugal, offer second passport schemes—this has been particularly successful with U.S. expats whose population increased by 45% in Portugal in 2021 compared to 2020, according to figures from the Portuguese government.
A skills-based visa might be the answer—The Washington Post recently reported on a number of lesser-known visa schemes for relocating to the EU and U.K. such as the U.K.’s ‘Global Talent Visa’ or France’s ‘Passport Talent’ scheme.
Of course, while it might be more feasible right now for more people to move to Europe, that doesn’t necessarily mean it would be easy to adapt. For one thing, consuming in and moving about European cities is completely different than in the U.S., whilst in big cities, affordable space would still be an issue.
The most affordable housing in cute European villages would be Instagram-perfect but may still lack the amenities which many Americans take for granted, such as parking, air conditioning or a dependable internet connection.
Source: Forbes