In recent years, there has been a significant shift in the way Americans work, with remote work taking center stage. Experts predict that this trend will continue to gain popularity in the coming years, estimating that by 2025, a staggering 36.2 million Americans will be working remotely. This represents a remarkable 417% increase compared to the pre-pandemic era when there were only 7 million remote workers.
For those in the market to buy a home who also work remotely, this shift in work dynamics is a game-changer. It presents an opportunity to overcome the challenges of affordability and limited housing inventory that many face today.
One of the ways remote work helps with affordability is by allowing individuals to change their approach to home searching. With no daily commute to consider, living near the office becomes less essential. This opens up the possibility of exploring more affordable options in the suburbs rather than limiting oneself to city living. A recent study by Fannie Mae supports this notion, stating that remote workers are more willing to relocate or live farther away from their workplace due to home affordability concerns.
Having the flexibility to move to different locations can greatly increase the chances of finding a home that fits within one’s budget. By working closely with a real estate agent, individuals can cast a wider net and consider areas with a lower cost of living.
Furthermore, expanding the search to include more affordable options may also lead to the discovery of homes with additional features for the same budget. Given the current shortage of homes for sale, finding a property that meets all the desired criteria can be challenging. However, by broadening the search, individuals can explore a larger pool of options, including homes with more square footage, diverse styles, and a wider range of neighborhood amenities that were previously out of reach.
Traditionally, living close to work was considered a desirable perk, often accompanied by a hefty price tag. However, the dynamics have shifted with the rise of remote work. Working from home provides the freedom to choose where to live without the burden of long commutes. This newfound flexibility allows individuals to focus more on finding an affordable home that aligns with their dream features.
The Bottom Line
Remote work offers more than just job flexibility. It presents an opportunity to expand horizons in the search for a home. Without being tied to a specific location, individuals have the freedom to explore all available options. To take advantage of this newfound freedom, it is advisable to consult with a local real estate agent who can guide you towards finding your ideal home.
What To Do
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