New research says that working from home was a significant driver of a home buying 'Great Reshuffling' and accounted for more than half of the steep increases in home prices.
- The COVID-19 pandemic changed the way people lived and, for many, where they lived. According to new research, working from home was a significant driver of a"Great Reshuffling" and accounted for more than half of the steep increases in home prices seen during the pandemic.farther away from their office and prompted others to buy larger homes to accommodate their new lifestyles.
"We were pretty shocked remote work had this impact, once we saw the estimates," Wieland said."We thought about how people moving to different locations would be important. And it is. But it is the people who are remaining in a metro area -- the people who need more space at home if they work at home -- that is really pushing up prices. That is the majority of the story.
"Where more people are working remotely, that's where the home prices grow," said Wieland, who noted that cities like Austin, Boise, Phoenix and San Diego saw some of the biggest home prices increases in the country as a result. "It is hard to work at home in New York City, for example," he said, explaining the cost of living there means that having extra space for an office comes at a premium."Lower-density areas are more attractive for remote work."
"There hasn't been a peacetime period where we have changed the way we do work in such a quick fashion," he said."Suddenly, we are moving further away from where our work is located. We don't need the office space. We now need this home space for work."
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