An increasing number of Americans working from home provides builders with the opportunity for cheaper projects at a higher scale. According to Forbes, one in five people who moved within the last year said remote working was the main reason they moved. On top of that, one out of every three consumers who moved did not initially plan to move before the pandemic. Now, home builders can build in the suburbs and exurbs that were once deemed a “long commute.” Land that is farther from urban centers provides builders with more affordable land, which then provides more affordable housing to buyers.
This work-from-home trend is well-documented, but a new survey from Homes.com has added some interesting detail and important takeaways. Homes.com surveyed more than 1,000 consumers and 600 real estate professionals by Homes.com, and found:
One out of three consumers who moved in the last 12 months did not plan to move before COVID-19 hit. In a related finding, nearly one out of four consumers who moved in the last 12 months or plan to move in the next 12 months report their decision was sparked by a change in their job situation, presumably caused by the pandemic.
45% of respondents said they would move if given the chance to work remotely, with 20% indicating that remote working was the reason they moved within the last year.