Burned-Out Millennials Are Flocking To Portugal For New Lives

Buying a house and starting a family is supposed to be part of the American Dream, right? Unfortunately, for many millennials, purchasing a home in this economy is more of a fantasy than a reality. Due to soaring house prices, many simply can't afford to make the leap from renting a property to becoming its legal owner.

Does that mean such millennials will be stuck handing over their paychecks to landlords for the rest of their lives? Not necessarily. It seems there’s a solution for those who want to buy a house but can't afford it. However, it does mean that burned-out millennials are flocking to Portugal for new lives.

Homes in America are far too expensive for millennials in recent years

If you don't know Portuguese, the idea of packing up your life and moving to Portugal might feel intimidating. Still, Alexandra Ryan-Yavaşca is one person who can attest to the perks, given that she and her husband, Utku, moved there from America in 2021. She'd wanted to start a family in California, but nothing reasonable was within her price range. The home she'd grown up in was apparently now worth 4x as much as it was when her mom and dad bought it in 1996 for $300,000. With other properties going in the same direction, she had no choice but to look elsewhere, and Portugal seemed like the best solution.

Expat numbers in Portugal have been increasing significantly in recent years

Expat numbers in Portugal have been growing year after year, with the Portuguese Border and Immigration Service reporting that 7% of the population in 2021 weren't local. The number of these people moving from the US has also been rising. 2021's figures indicate nearly 7,000 people in the country were from the US, over double what it was just three years earlier. Understandably, not all of these people are millennials. In fact, Portugal apparently used to be a popular choice for retirees. However, in recent years, the millennial generation has apparently found the place to be ideal for starting a new life. The lower financial barriers apparently make it easier for them to achieve their dreams, something that wouldn't necessarily be possible back home. 

Portugal is a relatively poor country, but that works in a millennial's favor

Unfortunately, the main reason why Portugal is so affordable for millennials is tied to the wealth of the country. Apparently, over 2 million people in the country live below the poverty line, which is significant given there are only around 10.1 million people living there. The hourly wage is also reportedly quite low, and the unemployment rate is higher. However, this was a significant drop from several years ago. Of course, this means those potentially still receiving a US wage are better off. Their dollars stretch further, making it easier to buy a house and do things without worrying. Even those who don't buy a property still get a lot more for their money when renting, with many able to afford multiple-story houses. Just having more space to move around is a huge step up from what many people currently deal with.

There are several reasons millennials are flocking to Portugal

It's not just the lower prices that make Portugal somewhere worth building a new life. Some people apparently refer to it as the "California of Europe," thanks to its gorgeous beaches and warm weather. Thankfully, it seems to match the US state in everything but the price, with Portugal also full of culture and home to plenty of English speakers. The country is even reportedly one of the most peaceful places in the world, which may well appeal to those who don't currently feel safe in America.  

Not everyone is impressed with people flooding to Portugal

Not everyone is impressed by the growing number of expats in Portugal, though, with some locals feeling put out by the influx of American millennials. Resistance reportedly stems from fears over housing availability and money, with concerns that they'll face the same issues affecting those moving to the country. However, officials say that more expats is a good thing because it stimulates the economy, creates jobs, and helps them potentially avoid another recession.

Moving across the world isn't for everyone. However, if you want to take a leap and live somewhere you'll get more for your money, you might want to follow some of the thousands of burned-out millennials flocking to Portugal for new lives.