Remote work is giving people greater control over their lives. For the first time, you have the utmost freedom when choosing where to live. You no longer must choose a home within driving or commuting distance to the office. Or limit your options to cities with high costs of living because they offer better job opportunities. The intersection of remote work and the spiraling cost of living has created interesting dynamic in the housing sector. Dig in to learn how these dynamics are shaping the housing trends across the country.
It’s Creating a Suburban Boom
Suburban areas and rural cities are the holy grail for remote workers looking to own a home. They offer a diverse choice of affordably priced houses and have lower costs of living compared to larger cities. Remote workers are ditching the cities in droves to set up roots in the burbs.
The appeal to leave the expensive city life behind has created a surge in demand for suburban properties. Suburban homes are larger, set in quiet neighborhoods, and often feature large yards. Due to limited inventory, this migration creates price hikes and housing shortages in the traditionally low-cost regions.
Despite the surging prices, suburban homes remain affordable to remote workers. This new breed of homeowners has a higher disposable income that’s not directly tied to the local job market.
A Soaring Demand for Spacious Homes
The biggest challenge when working remotely is the lack of dedicated working space. Imagine hopping on a work call while your kids are running wild in a cramped space. It’s not ideal and may undermine your professionalism.
That’s why remote workers gravitate toward larger homes with extra bedrooms, dedicated office spaces, or larger living areas. The extra space lets you work comfortably from home without the typical distractions or inconveniencing your family members.
The combination of a higher income and a lowered cost of living works in your favor when moving into a rural city. It translates into a higher disposable income, allowing you to purchase a bigger house without straining your finances.
Surging Rental Prices in the Smaller Cities
As remote workers flee the big cities, rental demand surges in small cities and rural areas. Naturally, rents in these areas have risen to accommodate the spiraling demand. Conversely, some urban areas are experiencing softer demand, leading to a slight drop in rental prices.
Despite the surge, rental prices remain affordable and provide the best bang for your buck. For instance, you may snag a single-family suburban home for the price of a cramped apartment in a major city.
Additionally, rental property price hikes don’t equally cut across the board. The hikes are more pronounced in popular spots such as coastal cities. That means you can secure a dream rental at a steal by moving away from the popular spots.
Changing Real Estate Development Dynamics
The migration to the suburbs and rural city has created an uptick in the demand for homes in previously undervalued areas. The resultant hikes in property prices has galvanized real estate investors to rethink housing development.
Developers are actively building houses in these areas to accommodate the influx of remote workers. Changing market dynamics spell a boon for remote workers. With a bit of research, you can secure a property in an upcoming neighborhood and become a homeowner without breaking the bank.
Get the Best Bang for Your Buck
Remote works is reshaping the housing sector and helping many people realize their homeowning dreams. As a remote worker, you have flexibility of buying a home in any low-cost area across the country. It allows you to buy a bigger house that complements your lifestyle without breaking the bank. Working with a reliable realtor can help you buy the perfect house in a safe and secure neighborhood.
