{"id":1804,"date":"2021-11-05T13:00:00","date_gmt":"2021-11-05T17:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1804"},"modified":"2024-04-25T23:19:23","modified_gmt":"2024-04-26T03:19:23","slug":"can-the-shift-to-remote-work-turn-renters-into-homeowners","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/can-the-shift-to-remote-work-turn-renters-into-homeowners\/","title":{"rendered":"Can the Shift to Remote Work Turn Renters Into Homeowners?"},"content":{"rendered":"\n
\"Person<\/figure><\/div>\n\n\n\n

New Opportunities for First-Time Buyers<\/em><\/strong><\/p>\n\n\n\n

In the final weeks of 2021, remote\/hybrid work continues and is becoming standard. We see most U.S. office workers working remotely at least one or two days a week. A fourth of them continue to work from home offices every day. The past two years have clearly changed<\/a> the way we work, and the way we view our home lives. For many, these will be lasting changes.<\/p>\n\n\n\n

A Harvard business prof urges companies to maintain the work-from-home culture<\/a>, citing positive productivity data, talent and diversity, a healthier gender balance on staffs, and the climate benefits of less driving. There\u2019s still another benefit of the shift to work-from-home employment. It\u2019s the increased potential for renters to find paths to homeownership.<\/p>\n\n\n\n

Zillow\u00ae believes that the shift remote work could turn nearly 2 million renters into buyers. How?<\/p>\n\n\n\n\n\n\n\n

The Freedom to Move<\/strong><\/h2>\n\n\n\n

Many people who rent in the city to live where they work now have the option to work from various places other than their downtown offices. This new flexibility can make an office worker\u2019s pursuit of home ownership feasible. By the same token, remote access to higher-paying positions can enable more workers to accumulate savings for home ownership.<\/p>\n\n\n\n

Of course, not all jobs are fully remote. Many are now based on a hybrid system: mainly remote, with some in-person presence called for. The result? Workers have more flexibility in where they can buy, yet are still interested in living within a reasonable distance from the business site.<\/p>\n\n\n\n

\u201cIf given the freedom to move, employees can work where they’re happiest and most productive,\u201d says Meghan Reibstein, an organizational operations VP at Zillow \u2014 who calls this \u201ca win for them, their organizations and their communities” in a company press release.<\/p>\n\n\n\n

Significantly, the release also stated:<\/p>\n\n\n\n

Remote work has the potential to bring the most significant expansion of economic opportunity and housing affordability witnessed in a generation or more. The ability to work and live anywhere is already opening up housing opportunities all over the country, widely benefiting first-time buyers and renters of color.<\/em><\/p>\n\n\n\n

In a market where supply and demand imbalances have sent home prices surging, the expansion of employee choices is a win for the real estate, title insurance and loan industries too. Yes, home prices are higher than ever; but this is offset, to some degree, by the lower mortgage rates.<\/p>\n\n\n\n

In short, remote work options are giving renters more life options, more time, and greater mobility \u2014 so more people can look for housing in affordable places to live.<\/p>\n\n\n\n

Going Out of Their Way to Buy<\/strong><\/h2>\n\n\n\n

Starting with the millennials, the younger generations are reaching home buying age. Some have spent years preparing to buy homes<\/a>. Some young renters leveraged the 2020 business shutdown to their ultimate advantage by moving back into their parents\u2019 homes, working remotely, and saving up for mortgages. Others simply saved by not going out, and not commuting or taking trips. Now, many of them are finally ready to buy<\/a>.<\/p>\n\n\n\n

Market research also indicates:<\/p>\n\n\n\n