a How Remote Work Changes Real Estate
According to the Bureau of Labor Statistics, almost half of all full-time knowledge workers in the US worked at home when the lockdown began in 2020. This drastic change, assumed to be a temporary adjustment, has now become the new normal for many people, especially with the emergence of new variants of Covid-19. There are a number of industries affected by this new way of human interaction, and the world of real estate is no exception. The rise of remote work has many wondering how it will affect the future of real estate pricing and availability. According to the Census Bureau, more than a third of today’s US households frequently work from home. This increase gives rise to more people searching for properties with separate office areas. There has even been a demand for more than one home office.
Location, location, location . . . Because more individuals are working from home, the location of properties is shifting. A lack of a commute lessens the need for people to reside in pricey downtown areas.