In 2023, at least 5.4 million Americans were estimated to be living overseas by the Association of American Residents Overseas (AARO). The Western hemisphere, which includes Canada, Central America, and South America, is estimated to be home to the largest percentage of expats (40%) followed by Europe (26%) and East Asia and the Pacific (14%).
“Pack up and head to a quiet European town or a beachside village in Asia; somewhere where we aren’t being poisoned by our food, where we don’t need to work 2-3 jobs to survive, and where health care isn’t the luxury but the norm,” Elise said in a video broadcast on June 23. This was the new fantasy for some people.
“Somewhere where people take a moment to pause, enjoy the small pleasures in life, and show appreciation;
The young American is obviously looking for greater freedom and affordability than she thinks she can get in the United States.
For many Americans, the past several years have been difficult in terms of affordability. Because of the Federal Reserve’s efforts to limit post-pandemic inflation by raising interest rates, borrowing has become more expensive and Americans’ buying power has decreased.
Due to this, many Americans are now more focused on achieving short-term objectives like putting food on the table and paying their rent on time than they are on longer-term objectives like owning a home, starting a family, and retiring—goals that are typically associated with the American dream.
According to a recent research by Investopedia, the conventional American dream milestones of marriage, parenthood, and home ownership now need an astounding $3.4 million to be met financially.
However, the majority of Americans fall more than a million dollars shy of that goal. According to Investopedia, Americans with all educational levels make an average lifetime earnings of closer to $2.3 million, creating a significant financial disparity that is causing many to reevaluate their life goals.
It is not necessary to stay at your birthplace and struggle through life, as Elise stated in her video. “We’ve been misled to believe that life is about enduring our circumstances and place of birth,” Elise remarked. “
One need just look at how attainable homeownership is, a fundamental component of the American dream.
2023 was the least expensive year on record to purchase a home, according to real estate agency Redfin. With the typical U.S. salary of $78,642, you would have needed to spend a record 41.4% of your income on housing expenditures in order to purchase a $408,806 median-priced home, up from 38.7% in 2022 and 31.0% in 2021.
According to Refgin, in order to purchase the same home without devoting more than 30% of your income to it (a common recommendation among personal financial gurus), you would need to earn $109,868, which is $31,226 more than the average household does annually.
The opportunity to leave the country and go overseas in search of a better life is, without a doubt, the nicest thing about being an American citizen, according to Elise. Let’s pause to acknowledge our good fortune in being able to depart.
“Let’s concentrate on obtaining remote work or starting internet businesses, get our passports, and make the most of the fact that we can make American-level money from anywhere in the world thanks to the internet.”
Although Elise’s lifestyle is not in the United States, it is somewhat similar to aspects of the traditional American ideal, particularly the ideas of equal opportunity and wealth through perseverance and hard work.