Working from Home is Causing More People to Move

If some of your clients have been working from home this year, chances are they have been at it a little longer than was initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.

While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less, or their employers may have opted into giving up their office spaces altogether. Whether a client rents or owns their home, if remote work is part of their future, they may be thinking about moving– especially while today’s mortgage rates are so low.

A recent study from Upwork notes:

“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.In total, between 6.9% and 11.5% of households are planning a move due to the growing availability of remote work due to COVID-19.”

This is a substantial number, and the Upwork article features more development of how the ability to work from home impacts a person’s decision to move, including how widely available the ability to work from home has become.

One of the most immediate concerns for attention, however, is how far exactly a party will choose to move away from their current location. The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):

Why Working from Home May Spark Your Next Move | MyKCM

If a client has the opportunity to work remotely they may have more options available by expanding their search, since price is always a major consideration. Upwork also indicates, of those surveyed:

“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”

Bottom Line

Whether they can eliminate the daily commute to the office, or they simply need more space to work from home, a client’s plans may be changing. If that’s the case then it’s time to connect with them to assess evolving needs and determine a path together.

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