Economists: "Remote Work Will Continue To Be a Significant Driver of Housing Demand For Years To Come"

Last year was a year of changes for many, and perhaps most notably among homeowners who are now working from home. With many employers opting for remote scheduling during the duration of the pandemic, employees have started reevaluating where and how they live, and according to some statistics, nearly 40% of those workers still don’t know if they’ll be gong back to the office any time soon.

As a result, workplace flexibility has become a top priority for many of America’s workers, which not only gives them the freedom to live where they want but also an opportunity to move to a place where they’re happy and more productive.

It’s because of the new work from home phenomenon that many housing markets across the country are booming, creating serious supply and demand issues that keep driving up home prices.

In major cities across the country, affordability now outweighs location and commute time, and areas that are a 60 to 90 minute drive from the heart of the city center are experiencing the fastest growth in home prices. Buyers are also seeking larger homes with more space and more privacy to accommodate for the work from home lifestyle as well, but it’s hard to say for certain if and when this trend will slow.

For now, most economists agree that remote work will continue to be a significant driver of housing demand for years to come, especially as more companies reshuffle policies, office space, and staff in order to provide more flexibility to workers, remote or otherwise.