The housing market is witnessing a fascinating shift. More people are relocating to affordable regions, thanks in large part to the rise of remote and hybrid work arrangements.
Why Consider Relocating to More Affordable Areas?
The combination of high mortgage rates and increasing home prices has made homeownership challenging for many. This has led to a trend where buyers are exploring regions with lower home prices and reduced living costs. As Orphe Divounguy, Senior Economist at Zillow, notes:
"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 prospective buyers are already taking this route to find homes that fit their budgets. 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. . . Specifically, states with a strong economy, lower costs of living, and remote work options continue to be the ideal places to live in the U.S."
Remote Work Expands Home Options
For those who work remotely or commute to the office only occasionally, there are even more possibilities when searching for a home. This flexibility allows you to consider suburban or rural areas that might have previously been impractical. Market Place Homes highlights:
"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."
The Role of a Real Estate Agent
A real estate agent can be an invaluable resource in finding the perfect home within your budget, especially if you're moving to an unfamiliar area. Bankrate emphasizes:
"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."
Bottom Line
Are you dreaming of a place where your money stretches further? Connect with a real estate agent to explore your options. With their help and the flexibility of remote work, you could soon turn your dream of homeownership into reality.
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