Skip to content

Priced-out young buyers are looking abroad for their first homes

Hani Richter at Reuters told the story of a young Dublin professional who bought a studio in Tropea, Italy, for about 38,000 euros, renovated it for 3,000 more, and now earns roughly 1,500 euros a week renting it out in summer. About a quarter of Gen Z in the U.S. are moving to cheaper markets, and 82% think buying is harder than it was for their parents.

Reuters asked me whether this is a model. My caution was that a cheap apartment overseas is not simply a starter home. It is a second country's worth of paperwork with a bed in it. Cheap property abroad is rarely cheap by accident: a declining local economy, building issues nobody mentioned, and purchase taxes, notary fees and agent commissions that add to the sticker price and are often due at closing.

That said, I was clear about the upside. Avoiding a 30-year mortgage at a young age is a real positive. She owns something outright. No lender. That's real.

My advice for anyone tempted: rent in that country for at least six months before buying. You learn the neighborhood, the bureaucracy and the off-season, and you find out whether the dream survives a winter.

Read the full article at Reuters →

author avatar
Jeff Judge Managing Partner
Jeff is one of Chesapeake’s founding partners and a go-to advisor for professionals navigating complex transitions like retirement, business sales, or sudden windfalls. With nearly two decades of experience, he’s known for delivering calm, clear guidance when it matters most. Clients say working with him feels like talking to a longtime friend, if that friend happened to be an award-winning financial expert.
Share:

Ready to stop second-guessing and start feeling in control?

Book a short “Fit Call” to see if we’re the right partner for your financial life. No pressure, no jargon, just a conversation focused on your goals and whether our approach makes sense for your needs.

See If You're A Fit