How Affordability and Remote Work Are Changing Where People Live

How Affordability and Remote Work Are Changing Where People Live

There's an interesting trend in the housing market: people are increasingly moving to more affordable areas, thanks to the rise of remote and hybrid work.

Consider Moving to a More Affordable Area

Today’s high mortgage rates, combined with continually rising home prices, make it challenging for many people to afford a home. As a result, many prospective buyers are relocating to areas with less expensive homes and lower costs of living. Orphe Divounguy, Senior Economist at Zillow, explains:

“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”

If you’re planning to buy a home soon, consider expanding your search to areas where homes are more affordable and fit your needs. Many people are doing this to find a home within their budget. Extra Space Storage explains:

“55% of American adults are looking to relocate to a different state or city for more affordable homes and lower costs of living. . . Specifically, states with a strong economy, lower costs of living, and remote work options continue to be the ideal places to live in the U.S.”

Remote Work Opens Up More Home Options

If you work remotely or only commute a few times a week, your home search can include more suburban or rural areas. This opens up many more possibilities. As Market Place Homes says:

“People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether. If they have a longer commute but don’t have to do it daily, they may feel like they can tolerate living farther away from their job. Or, if someone works entirely remotely, they can move to a cheaper area and get a lot of house for their dollar.”

How a Real Estate Agent Can Help

A real estate agent can help you find the perfect home within your budget. They’re particularly valuable if you’re relocating to an unfamiliar area. Bankrate says:                                                                                    

“If you’re moving far away, you may not have a good idea about which neighborhoods or towns will be the best fit. An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford.”

So, if you’re considering relocating to a place with more affordable homes, what are you waiting for? With the added flexibility of remote work, you might have more options than ever before.

Bottom Line

Dreaming of a place where your money goes further? Let’s connect so you have someone to help you find your next home. Together, we’ll make your dream of homeownership a reality.