Key Highlights
- New survey by Zillow suggests housing preferences could be upended by post-pandemic America
- Shifting from living where working in coastal job centers, moves to secondary cities and exurbs being prompted by boom in remote work, not fear of density
- Zillow survey conducted by Harris Poll finds that 75% of Americans working remotely due to COVID-19 prefer to continue working remotely at least half time after pandemic subsides
More than half of Americans have had the opportunity to work remotely during the COVID pandemic shelter-in-place restrictions and 75% of them like it. These remote workers would prefer to continue working remotely at least half the time if they were given an opportunity to do so.
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Turns out that two-thirds of these remote workers would at least consider moving away from metro job centers if they had the flexibility to work remotely when they wanted to. Now that several tech giants in Silicon Valley such as Google and Apple have told their employees that their offices won’t even be open to them work until 2021, many of these remote workers may just move to suburbs or exurbs to have more indoor and outdoor open living space, greenery and less density.
“Moving away from the central core has traditionally offered affordability at the cost of your time and gas money. Relaxing those costs by working remotely could mean more households choose those larger homes farther out, easing price pressure on urban and inner suburban areas,” said Zillow senior principal economist, Skylar Olsen.
Zillow Premier Agents are beginning to see more buyers looking to leave the city, be those agents in Silicon Valley or Manhattan.
Prior to the pandemic, the longest one-way commute renters, buyers and sellers would consider was 30 minutes from home to job. Now, according to this recent Zillow survey conducted by Harris Poll, 50% of remote workers not burdened by a five-day-a-week commute would consider a one-way commute of 45 minutes. Only 10% of remote workers would consider a commute longer than one hour.
Thanks to World Property Journal.
Also read: Some 50% of US Households Lost Wages During Pandemic, Are We There Yet – a Recession or a Depression? Does It Matter Which?, Podcast: Amazing Housing Rebound Is Here! | Tim and Julie Harris
