How Remote Work Could Boost Homeownership
When the coronavirus took hold in March it required a lot of adjustments. Everything from how we shop for groceries to how we socialize underwent an instant change. The way we work was among the biggest changes.
Many Americans, who once commuted to-and-from the office every day, transitioned to working from home full-time. Now, six months later, it seems likely that remote work is here to stay, at least for some.
But what might that mean for the housing market? Well, according to one new analysis, it could mean an opportunity for millions of renters to become homeowners. That's because, in many markets, renters can't afford to buy. In fact, priced-out renters make up 4.5 percent of all renting households.
But, if those renters could live further from their workplace, they'd have an opportunity to buy a home in a more affordable area outside the city. The analysis found that this could apply to as many as 2 million current renters.
However, since work isn't the only factor deciding where we live, only time will tell how many Americans will actually make the move.