An analysis by Real estate marketplace Zillow reveals that remote work has made home purchases affordable for around two million renters.
Zillow’s own data along with Census Bureau data shows the impact of the pandemic on housing market trends.
According to the Census Bureau, 2020 was expected to be a good year for home sales as many millennials were reaching the age when they could afford to buy a new house. More than 72 million reached the age of 40 which is considered the prime home-buying age.
When the pandemic hit the world in early 2020, these millennials were forced to work from home. This resulted in them choosing affordable locations to live in. Many renters became homebuyers.
Around 2 million renters earned enough to be able to buy a starter home in an affordable area in the US.
Another recent GOBankingRates evaluation saw some metro areas in Florida and Illinois with dipping home prices which became an opportunity for buyers who couldn’t afford it before.
If remote work is here to stay, it could change the real estate industry greatly in various parts of the world. Homes will become more affordable and hopefully, the gap between home owners and renters will narrow down.
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