A growing number of well-off Americans are looking to live in their dream house out of the country.
Driven by a strong U.S. dollar, a lower cost of living elsewhere, and the soaring cost of housing in the United States, they say they want to invest in a better quality of life.Read More »
Almost half of those high-net-worth Americans surveyed say they want to invest their assets for a better way of life abroad.
Improved quality of life
The desire to live out of the country is largely driven by a desire to enjoy an improved quality of life that is possible in what many see as their dream place to live.
The dollar will buy considerably more in many other countries than it buys in the United States today. The cost of food, of dining out, and of medical services is generally considerably lower in dollar terms than it is in the United States.
At the same time the quality of services is good and in many cases comparable with that in their home country.
A lot more house
Buyers also are attracted by the real estate investment opportunities that are offered in many other countries.
The dollar generally buys a lot more house in a great location than it does in the United States.
The surge in house prices in the United States over the last two to three years also has influenced many decisions to invest overseas. Houses that are of comparable or even better quality and size are available at far lower prices in other countries than are available in the United States today.
Draws on trends
The new survey, conducted by Censuswide, spotlights not only the sentiments of 2,000 upper income consumers who were questioned but also draws on major trends that are driving the luxury real estate market today.
The number of affluent consumers who are looking beyond the borders of the United States for their next property purchase is believed to have risen by 14% from 2021 until today and by almost 30% from 2019.
Warmer weather helps
Additional factors prompting the decision to live in another country, according to the survey, are:
• Warmer weather throughout the year—23%
• A home that is located near the water—23%
• A suburban house that offers ample space in which to live—22%
• Living in a major city that offers not only activity but also many accessible amenities—19%
• A place that is off the beaten track, is remote, and is surrounded by a large area of land—19%
• A mountain town—16%
Comparing existing location
Higher income buyers are looking at the economic condition of their existing location and building their lifestyle preferences when considering where they will buy their next home, says Liz Gehringer, president of Coldwell Banker Affiliate Business and Chief Operating office of Coldwell Banker Real Estate.
It is no surprise, therefore, that many consumers continue to dream of looking outside of the United States and buying their next home abroad, Gehringer says.
Increasingly looking abroad
Although California continues to be a hotspot for domestic as well as international buyers, local buyers also are increasingly looking aboard, confirms Jade Mills of Jade Mills Estates who is an international ambassador of Coldwell Banker’s global luxury program.
Not only are many wanting to move, but seven in 10 already also own residential property outside of the United States. Many would-be buyers are looking at places where they might enlarge their real estate portfolio for their next investment.
These are the top three locations that buyers are looking at when buying property abroad, according to the survey:
• Central America—23%
• North America (Canada and Mexico)—20%
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