Packing up and moving out is out of reach for some Americans who dream of living in a different location.
A Harris Poll survey of 2,000 adults conducted for NerdWallet found that about a quarter would like to move somewhere else but can’t due to financial reasons.
Moving is expensive, and moving to an entirely new neighborhood, let alone a new location type, can change how much you’re spending on housing, commuting and even groceries. When asked what’s holding them back, 45% of Americans not currently living in their ideal location say they can’t afford homes in their preferred area. As well, 1 in 5 (20%) say they have too much debt to be able to afford the move and still have enough for rent or mortgage payments.
“The places with the most jobs — cities — also have the most expensive housing,” says NerdWallet mortgage expert Holden Lewis. “On the other hand, incomes are higher, too. Still, even if you find a higher-paying job to make the housing costs manageable, relocation costs are daunting.”
NerdWallet also breaks down where survey respondents live, where they would like to relocate, what they would be willing to sacrifice to get there, and ranks major metros on affordability based on home sale prices and median income.