Is the American Dream dead? Couple who moved to Ecuador say they're 'aging in reverse' after escaping 'toxic hamster wheel' culture in the US - as families head overseas amid crippling debt and soaring house prices

Americans are trading in crippling debt and soaring house prices for white sand beaches and cheap rent abroad as some expats say the 'American dream is dead'. 

One middle-aged couple who gave up their house and jobs to move to Ecuador even said they lost 50lbs after escaping the 'toxic hamster wheel' culture in the US. 

And they're not alone. An estimated 9 million Americans live abroad currently, up from 6.8 million in 2013, according to the most recent State Department data.

House prices, inflation and debt have driven many to up sticks and move to countries with a lower cost of living and higher quality of life. 

October polling by NORC found that only 36 percent of Americans still believe in the 'American dream' that 'if you work hard you'll get ahead'.

And half of Americans believe the 'economic and political systems in the country are stacked against people like me' and that life is worse for people like them now than 50 years ago.

Instead, hundreds of people - particularly older and younger people - are choosing to move abroad in search of a 'better life'. 

JP Stonestreet and Amelia Basista left Colorado to move to Ecuador in 2017 and now run a business helping other people move to live abroad.

They told DailyMail.com the only thing they regret is 'not going sooner'. 

The pair were 'doing the American dream' in Colorado before they left, JP said: 'We had the house and the two cars and the mortgage'.

Amelia was out on the road four days a week for her regional sales job, while JP worked from home as a website designer, leaving them very little time to see friends or spend time together.

Amelia said: 'It was stressful, it was draining and it felt like my whole life was about my job - and it wasn't how I wanted to live my life, but I didn’t know what to do - but it’s kind of the American way of life, to be available 24/7.'

They were earning around $8,000 a month between them, but were left with nothing after paying their mortgage, student loans and living expenses.  

Then, JP got sick. He said: 'When I had my back injury and had to have two major spine surgeries in two months, I couldn’t work, I had a year of recovery, and after that we couldn’t afford the house and the cars anymore. 

'We sold the cars and the house and moved into a one-bed in Denver - we were still going into the hole every month because of all the debt. We were in trouble. We didn’t know what to do, it was a very stressful time.' 

The pair considered taking out a second mortgage, but they didn't want to get into more debt - already facing student loans and other bills of over $60,000 to pay off. 

So they took a leap of faith, and moved to Cuenca, in Ecuador. 

Their life changed completely, JP said: 'We’re able to spend our time together, we’ve paid off our debt, we’re able to save for retirement finally. We don’t set an alarm in the morning, we wake up when we wake up - we cook together. 

'We were both overweight and we've lost about 50lbs combined'. 

And their cost of living has dropped substantially, meaning they are also able to save for retirement in a way they never were in the US. 

JP said: 'I was really close to either dying or being paralyzed from neck down and we realized working towards a retirement we may never be able to afford wasn’t worth it.

'That was when we realized the American dream was dying - that it doesn’t exist any more. Many people are telling us they'll have to work until they die, they’re stuck in this cycle.'

The couple are one of hundreds who have fled rising cost of living in the US fueled by the pandemic and inflation. 

Older people are increasingly likely to make the move when they realize they are working for a retirement they may not be able to afford. 

At the end of 2021, nearly 450,000 retirees received their social security benefits outside the US, up from 307,000 in 2008, according to the Social Security Administration. 

But younger people are moving too - on TikTok, young American influencers share clips from their exotic lifestyles abroad.

Cara Celeste West, 32, was living in Austin, Texas and working as a sales manager when her family decided to up sticks and become 'completely nomadic'. 

She told DailyMail.com: 'I was living the standard American lifestyle with a standard two-bedroom apartment in a nice area close to downtown Austin. 

'My husband and I were both working full-time jobs, each had a vehicle, and could afford to go on weekend getaways from time to time.'

But it wasn't perfect, they were paying $1530 per month for a two-bedroom apartment, and were in about $70,000 of debt.

She said: 'Because we were in so much debt, we did not have the funds to put our daughter in day care so we were working opposite schedules to avoid paying for childcare, which meant we often never saw each other.'

So they made the decision to become 'completely nomadic', she said: 'We decided to sell almost everything we owned and live abroad because we wanted to spend more time together as a family rather than working so much to pay for our living expenses.'

She added: 'And most importantly, living abroad has provided us with a much more sense of safety than in the US'.

She started a new job as a luxury travel concierge and the family are currently in Greece. 

She said: 'Because we are able to bring our U.S. based income to other countries where the cost of living is more affordable we can stretch our income further for our basic needs such as food, healthcare, housing, and child care.' 

She said: 'Living in America has, for many families and individuals, become a life of living paycheck to paycheck or borrowing money in the form of loans or putting basic necessities on credit cards. 

'Many people are just trying to get by and the financial stress has diminished the quality of life for many. 

'It has not been an easy journey for us, it’s been honestly one of the most challenging things we’ve ever done to part with so many of the material things we worked so hard to obtain but we realized that our main goal was to have a life that aligned with our morals and values. 

'Although we live a very minimalistic lifestyle now, living in countries that allow our income to stretch and living below our means, and giving up on achieving the American dream in America, has allowed us to achieve something better abroad - Freedom.'

Last week it was revealed that Americans need an extra $11,400 a year on average to afford the same quality of life they enjoyed in 2021, according to analysis from Republican members of the US Senate Joint Economic Committee.

Colorado is the worst hit state, where residents must fork out an extra $14,995 to afford the same quality of life as two years ago.

Housing affordability slumped to a multi-decade low this year. During the pandemic house prices ballooned from $329,000 in January 2020 to $433,000 two years later, according to US census data.

Mortgage rates have also soared, somebody purchasing a $400,000 home two years ago would pay around $1,623 a month for their mortgage. 

The same buyer today faces monthly payments of $2,585 - more than $1,000 extra.

As well as negative factors in the US, there are also positive factors pulling Americans abroad.

The process has also gotten easier and for Americans, getting a visa is relatively straightforward. 

Forty-three countries - including Greece, Portugal and Spain - have put in place Digital Nomad visas, where you can work remotely for a year or there are Golden Visa pathways, Entrepreneur visas or retirement or work visas. 

According to relocation company, Lexidy, the most common country Americans move to is Mexico, followed by Canada and then there are smaller populations in France, Italy, Germany and Israel. 

Close to 800,000 Americans are in Mexico alone, 200,000 in France and 72,000 in Greece.