It's not just driving expenses remote workers are saving on. It turns out, those who work from home are seeking cheaper places to live.
According to a new report from Fannie Mae, "Affordability has become significantly more important as a consideration when looking to move to a new home." In 2014, 20% of the population said affordability was a top consideration in looking for a new home. By this year, 36% now say affordability is a top consideration.
Those who work on-site are slightly more likely to emphasize affordability, while those who work in remote or in hybrid situations are slightly more likely to emphasize neighborhood in choosing a new place to live.
With remote work more or less stabilizing in recent years, it seems more workers are reconsidering where they live compared to early in the pandemic. In 2021, about 14% of remote and hybrid workers are willing to relocate to either a new metro area or somewhere at least 20 minutes away. This year, 22% of remote and hybrid workers now say they're willing to relocate.
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About 66% of those who work fully or partially from home do not expect to relocate this year, the Fannie Mae survey found.
When asked if they would prefer to move or stay in their current home, remote and hybrid workers were more apt to say they wanted to move. The survey found that 44% of these workers would prefer to move in the next five years, compared to 39% of those who work on-site.
What's also noteworthy is the share of people who work remotely largely has not changed in the last two years. Fannie Mae's survey noted that 14% of workers this year expect to work fully remote, compared to 13% in 2021. The percentage of workers expecting to work both in the office and at home declined slightly, from 23% in 2021 to 21% in 2023.
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