How Remote Work and Affordability Are Transforming Housing Choices

An intriguing trend is emerging in the housing market: more people are relocating to affordable areas, facilitated by the rise of remote and hybrid work.

Think About Relocating to a More Affordable Area

With today's high mortgage rates and steadily rising home prices, many people are finding it difficult to afford a home. As a result, numerous prospective buyers are relocating to areas with more affordable housing and a lower cost of living. Orphe Divounguy, Senior Economist at Zillow, explains:

"Housing affordability has always been important, and it's evident across the country. It is now reshaping migration trends."

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

"Fifty-five percent of American adults are considering relocating to a different state or city for more affordable housing and lower living costs. Specifically, states with robust economies, lower living expenses, and remote work opportunities remain the most desirable places to live in the U.S."

Remote Work Expands Home Choices

If you work remotely or commute to the office just a few times a week, you have significantly more options when searching for your next home. This allows you to consider a wider range of suburban or rural areas nearby. As Market Place Homes states:

"People begin to rethink their living arrangements when their commute times are significantly reduced or eliminated. With a longer commute that's not daily, they may find living farther from their job more tolerable. For those working entirely remotely, moving to a more affordable area allows them to get more value for their money."

How a Real Estate Agent Can Assist

A real estate agent can assist you in finding the ideal home within your budget, particularly if you're relocating to a new, unfamiliar area. Bankrate explains:

“If you’re moving a long distance, you might not be familiar with which neighborhoods or towns will suit you best. An experienced local agent can help you find the lifestyle you want 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 increased flexibility of remote work, you might have more options than ever before.

Bottom Line

Dreaming of a place where your money stretches further? Reach out to a real estate agent to help you find your next home. Together, you'll turn your dream of homeownership into a reality.