How the Rise of Remote Work Is Reshaping the Housing Market

Before the days of telecommuting, employees often had to switch jobs if they moved: So if a worker loved their job, they were locked into the area for as long as they were employed. Remote work changed all that. Now that Americans are able to work from home, they can hold onto their jobs while moving to more affordable cities. This is good news for buyers, considering a majority of Americans move in order to find a more affordable city, according to a survey by Redfin. And with the rising cost of housing and rent nationwide—coupled with the slow growth of wages—any chance to find affordable housing can be the windfall Americans need to get control over their finances. 

With unemployment at the lowest level in decades and wages stagnant, the chance to telecommute is allowing U.S. workers to move to more affordable areas, while maintaining their salaries. Of those who do move to a new metro area, 1 in 4 work remotely more frequently after relocating, according to a new survey conducted by Redfin.

“The job market is very tight and employers want to hold on to people, so companies are much more willing now to allow workers to move,” said Redfin chief economist Daryl Fairweather. “Plus, technology has enabled employers to let staff work remotely in a cost-efficient and productive manner.”

Of all eligible survey respondents, more than half (51.1%) work remotely sometimes or always after their move, compared with just 44% who worked remotely before the move.

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