Is the U.S. Headed for a 2nd Wave of Homeowner Reshuffling?
In a study that could have broad implications for the nation’s housing market–and the foothills market in particular–over 80% of surveyed American employees want to work from home at least some of the time, and over half of those said they prefer to work from home exclusively.
The Zillow report indicated that 4 in 10 workers weren’t sure whether their companies would require them to return to the office, or how often, and the uncertainty was affecting their ability to make big life decisions, including where to live.
The sheer number of people who want to work remotely suggests the pandemic-driven boom in housing demand may be here for some time, according to Zillow Senior Managing Economist Chris Glynn. “As more people learn how often they’ll have to be at their workplace or make a job change to gain that flexibility, we expect to see more people move.”
Roughly two-thirds of workers in the survey said control over their life and their time was “very” or “extremely” important to them. Millennial and Gen Z age groups signaled they were even more likely to act on these priorities. “Employers risk losing people if they ignore employees’ preferences,” said Glynn.
Home values have been growing faster in suburban areas up to an hour-and-a-half from the nation’s city centers, the research found. Larger, more affordable homes in those areas appear to be particularly attractive to the pandemic-era buyer.