How Working from Home Has Changed the Real Estate Market

Pre-pandemic, high-end income earners donned the traditional suit and tie and headed into the office. But now, more of us are working from home, completely nixing the bottom half of those suits during zoom calls and living in the lap of luxury in our own home offices. Many industries have completely adapted and pivoted to this type of format doing away with office buildings and finding that a lot of people are more productive when they work in the comfort of their own home at their own pace. Many companies are also discovering the people work harder and longer when they are in their own homes and while this may or may not be a good thing, working from home is definitely here to stay for a lot of industries and companies.How Working from Home Has Changed the Real Estate Market

Going to the office these days means merely rolling out of bed and plopping yourself down in front of your computer anywhere in your home you'd like. In the past, employers equated working from home with employees that slacked off but productivity has actually increased and with advances in technology like Wi-Fi, video chats, and mobile computing, many industries and employers are finding the benefit to this type of employment.

Tech industries are creating remote work software and bolstering the Internet keeping their employees coming to their own home office. The real estate and development industries have dedicated to helping workers live is physically close to their work as was affordable and the real estate value was tied to work proximity and convenient commutes but today, home buyers are looking outside their general commute routes for a more appropriate and comfortable work at home solution.

"More than 1/3 of US households working from home report the shift to staying home is more common During the Pandemic than before. According to the Working from Home During the Pandemic, authored by US Census Bureau's Journey to Work and Migration Statistics Branch, those who switch to telework have higher income, education, and better health." [Source]

However, this doesn't work for every industry. Many industries have employees that must go to work such as restaurants, grocery workers, and retail workers. Many families and individuals as well as small businesses see the pandemic to the lens of recession and lost income, jobs, and maybe even homelessness. But the real estate industry has thrived because people are looking at more permanent at home solutions for those that can work at home.

Households with members who telework to more frequently reported higher levels of income and education and better health than those in which no one change their typical in-person work in response to the pandemic. Renovations to incorporate home office demands are a common result of this.

The skyrocketing demand for real estate in the live anywhere housing climate is definitely benefiting a lot of sellers and buyers but not everyone. A lot of us still need to go into the office, the place of work, or have a close commute route, which is keeping folks in certain homes and making others move closer to where they need to be.

A shocking 73.1% of households with an income of $200,000 and above have completely switched to telework business because of the pandemic. Those making less than $35,000 per year only had a 17.5% switch to telecommuting.

Many employers are intent on having their employees shift working from home permanently. Many folks are nervous about returning to in-office work environments and if most of the job can be done out of the office and in the home, keeping up with productivity and results, there's no reason to return to the typical in-city office.

If you're looking for a fantastic home office situation, a beautiful "live anywhere" type of home, start by browsing all of our most featured areas below. Would love to help you find the right home in the Portland luxury real estate market.

Post a Comment