According to Redfin, the opportunity to work remotely is allowing U.S. workers to move to more affordable areas and maintain their salaries. What does this mean for areas known for expensive real estate? Read on to find out what Redfin's survey found.
Redfin conducted a survey that found 1 in 4 people who moved to a new metro worked from home more frequently after relocating. Employers may be resisting salary increases but supporting employee retention by offering the ability to work remotely instead of higher wages. Many employees jump at the chance to work remotely because it allows them to move to a more affordable area while still maintaining their salary.
The most common reason survey respondents listed for moving was more affordable housing (25.7%), followed by proximity to family and partners (21.2%), and retirement (17.9%). Furthermore, about 1 in 7 respondents said they wouldn't have been able to move without the ability to work remotely.
The top three metros respondents migrated away from for affordablity reasons were:
The top three metros people moved to for affordability were:
According to Redfin, home searchers on their website looked to move to another metro area 25% more during the fourth quarter of 2019 than the same period of the prior year. Redfin reported that "tied the all-time high for the national share of home-searchers looking to relocate that was set in the third quarter of 2019," and also mentioned that Phoenix, Sacramento, and Las Vegas "saw the highest net inflows."
The most common reason survey respondents listed for moving was more affordable housing (25.7%), followed by proximity to family and partners (21.2%), and retirement (17.9%). Furthermore, about 1 in 7 respondents said they wouldn't have been able to move without the ability to work remotely.
The top three metros respondents migrated away from for affordablity reasons were:
- The Bay Area
- Los Angeles
- Seattle
The top three metros people moved to for affordability were:
- Phoenix
- Sacramento, CA
- Portland, OR
According to Redfin, home searchers on their website looked to move to another metro area 25% more during the fourth quarter of 2019 than the same period of the prior year. Redfin reported that "tied the all-time high for the national share of home-searchers looking to relocate that was set in the third quarter of 2019," and also mentioned that Phoenix, Sacramento, and Las Vegas "saw the highest net inflows."
