The way Americans work has changed in recent years, and remote work is at the forefront of the shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million Americans will be working remotely by 2025[1]. For perspective, that’s a 417% increase compared to the pre-pandemic years when there were approximately 7 million remote workers.[2]
If you’re in the market for a new home and you have the opportunity to work remotely full- or part-time, this trend may be a game-changer. It can help you overcome some of today’s affordability and housing inventory challenges.
Remote or hybrid work allows you to change how you approach your home search. Since you’re no longer commuting regularly, you may need to live close to or as close to your office. If you are willing to move further away from the bigger city into the wider metropolitan suburban area, you may open up your pool of affordable options.
In a recent study, Fannie Mae explains:
“Home affordability may also be a reason why we saw an increase in remote workers’ willingness to relocate or live farther away from their workplace…”[3]
If moving is on your mind, having this kind of flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.
As you broaden your home search to include more affordable options, you may also find you have the chance to get more features for your money too. Given the low supply of homes for sale, finding a home that fits all your wants and needs can be challenging.
By opening up your search, you’ll naturally find a bigger pool of options to choose from, making it easier to find a home that truly fits your lifestyle. This could include homes with larger square footage, more diverse home options, larger properties, more home features, and a wider range of neighborhood amenities that were previously out of reach.
Historically, living close to the office was a highly sought-after perk, often coming with a hefty price tag. Now, the dynamics have changed. Working from home, you have the freedom to choose where you want to live without the burden of long, daily commutes. The shift allows you to focus more on finding a home that is affordable and delivers on your dream home features.
Remote work goes beyond job flexibility. It’s a chance to broaden your horizons in your home search. Without being bound to a fixed location, you have the freedom to explore even more options. Speak with a Realtor to learn how you may have more freedom than you thought to choose the home of your dreams.
Related Article: You Don’t Need 20% Down: Busting Myths about the Homebuying Journey
Adapted from Keeping Current Matters.
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