Zillow dove into data about renters who can’t currently afford monthly payments to own a home in the urban areas where they live but could afford home payments in less expensive areas.
Because of increased remote work options, Zillow looked at the probability that these renters can work from home, meaning they could keep their current jobs while moving somewhere with a more affordable housing market (based on income, industry, and occupation).
They found that nearly 2 million households could choose to buy somewhere other than the metro area where they currently rent.
From the Zillow press release:
Zillow analysis finds millennials and renters in expensive coastal metros will benefit the most from new housing options afforded by telework
- Nearly 2 million renter households who are in jobs that could likely be done remotely and have been priced out of the market in their current metro could afford to buy a typical starter home elsewhere in the country.
- These renter households make up 4.5% of all renter households nationwide, bringing a significant number of new potential buyers to the market.
- Millennials, faced with many hurdles to homeownership, could become the largest buyer segment to benefit from the ability to live and work anywhere. The average age of these potential movers is 38.
If you’re a renter in one of these areas who’s interested in becoming a homeowner, it’s a good time to think about your options for buying nearby or someplace entirely new to you.
Let’s talk about your options!