NerdWallet survey shows that most will make sacrifices to buy in their dream location
More than 1 in 4 Americans are not living in the type of location they would choose to.
A survey by NerdWallet shows that 26% would prefer to switch their location, whether they are currently living in a city, suburb, small town or rural area, but many are constrained by the finances.
“When it comes to where we live, some are cursed with more options than opportunities — it’s not as simple as packing up and going,” says NerdWallet mortgages expert Holden Lewis. “We long to leave our sleepy suburbs for the exciting city, or we dream of ditching the city for a quiet small town. But moving is expensive — you have your job and a new cost of living to think of, and you’re often leaving friends and family behind.”
The survey allowed a free view of what respondents believed was a city, suburb, small town, or rural area, to determine whether they are living in their dream location or not.
Most said that they live in a suburb, while 45% of those who said they are not living in their ideal location said it was because they can’t afford to live in a home they like in that location.
Sacrifices even if that means renting
However, 69% of those not living where they want said they would do something to facilitate their dream including starting work or taking a second job (38%) or give up all leisure travel (28%).
About 6 in 10 (61%) renters not living in their ideal location would rather give up the opportunity to own a home where they currently live if they could rent in the area they prefer.
In close to half of the nation’s 25 most populous metro areas, homes are selling for at least five times the median income for that location, according to NerdWallet’s analysis.
