Soaring Costs at Home Drive Millions of Americans Abroad for Better Quality of Life
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Soaring costs of living in the US, including housing, debt, and inflation, are causing more Americans to move abroad in search of a better quality of life. An estimated 9 million Americans now live overseas.
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One couple, JP and Amelia, left high-stress jobs in Colorado earning $8k per month, but "the American dream was dying." After medical issues, they moved to Ecuador, lowered costs, paid off debt, and lost 50 lbs.
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Americans abroad can stretch incomes further. One nomadic family pays $1,530 for a 2-bed US apartment versus cheaper costs abroad, allowing them to pay down $70k debt and spend more time together.
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Older Americans increasingly retire abroad too - 450k got Social Security abroad in 2021, up from 307k in 2008.
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Top destinations are Mexico, Canada, France, Italy and Spain, partly fueled by remote work and countries offering digital nomad and other visas. 43 countries now have special visas for US remote workers.