Source: Keeping Current Matters

 

There’s a noteworthy trend happening in the housing market: more and more people are moving to affordable areas, thanks to the flexibility of remote and hybrid work.

 

Why Consider Moving to a More Affordable Area?

With today's higher mortgage rates and rising home prices, many potential homebuyers find it challenging to afford a home. As a result, many of them are moving to areas with more affordable homes and lower costs of living. Orphe Divounguy, Senior Economist at Zillow, says:

 

"Housing affordability has always mattered... and you’re seeing it across the country. Housing affordability is reshaping migration trends."

 

If you're planning to buy a home soon, expanding your search to include more affordable areas could be beneficial. Many homebuyers are doing just that to find homes within their budget. According to Extra Space Storage:

 

"55% of American adults are looking to relocate to a different state or city for more affordable homes and lower costs of living... States with a strong economy, lower costs of living, and remote work options continue to be ideal places to live in the U.S."

 

Remote Work Offers More Location Options

If you work remotely or only go to the office a couple times a week, you have more options for where to live. You can consider suburban or rural areas farther from your job. As Market Place Homes puts it:

"People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether. If they have a longer commute but don’t have to do it daily, they may feel like they can tolerate living farther away from their job. Or, if someone works entirely remotely, they can move to a cheaper area and get a lot of house for their dollar."

 

Get Help from a Local Real Estate Agent

A local real estate agent can guide you in finding the right home that fits your budget. If you're relocating to a new or unfamiliar area, their support is particularly helpful. Bankrate explains:

 

"If you’re moving far away, you may not have a good idea about which neighborhoods or towns will be the best fit. An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford."

 

In Summary

If you're dreaming of making a move to an area where your money will go further, now is the perfect time to act. The flexibility of remote work may give you more options than ever before. Let’s connect - Together, we can make your dreams of homeownership come true!