The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years and project that 36.2 million Americans will work remotely by 2025. To give you some perspective, that's a 417% increase compared to the pre-pandemic years when there were just 7 million remote workers.
If you’re in the market to buy a home and you work remotely, either full or part-time, this trend is a game-changer. It can help you overcome today’s affordability and housing inventory challenges.
How Remote Work Helps with Affordability
Remote or hybrid work lets you change how you approach your home search. Since you’re no longer commuting daily, living near your office may not be as essential. If you’re willing to move further out in the suburbs instead of the city, you could 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 . . .”
If you're considering moving, having this kind of location 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.
More Work Flexibility Means More Home Options
As you broaden your search to include more affordable options, you may also have the chance to get more features for your money. 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 give yourself 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 more square footage, diverse home styles, and a wider range of neighborhood amenities that were previously out of reach.
Historically, living close to work was a sought-after perk, often coming with a hefty price tag. But now, the dynamics have changed. If you work from home, you have the freedom to choose where you want to live without the burden of long daily commutes. This shift allows you to focus more on finding an affordable home that delivers on your dream home features.
Bottom Line
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 all of your options. Let’s connect to find out how this freedom can lead you to your ideal home.
