Back in September, Zillow found that 2 million renters could become homeowners because of increased remote work options allowing renters to buy in less expensive areas.
Now, they report that black renters are the most likely to benefit from this scenario. Their new research shows that “Black renters are 29% more likely than other renters to potentially be able to move and buy a first home because of the rise in telework.”
From the report:
Black renters are far more likely than renters of other races to be able to make the jump into homeownership by taking advantage of enhanced telework options in most of the country, boosted in large part by where they live, how much they generally earn and the jobs they tend to hold … The differences come down to a series of factors including local housing costs, how much renter households earn and how “remotable” — the ability to do the work without necessarily going to an office or worksite — a given job is.