City Life to Cost Savings: What Remote Workers Should Consider When Buying a New Home
The rise in remote work is changing the way many people are thinking about homeownership.
Those who aren’t shackled to a daily commute may be able to live anywhere they choose. For some, that can mean trading expensive cities and regions for more affordable communities where they can get a better deal on a home.
However, remote workers may have different needs than those who go into the office or a work site five days a week. Reliable, high-speed internet and a dedicated home office or workspace is often essential.
As of 2023, 35% of workers who have jobs that can be done remotely are working from home full-time, according the Pew Research Center. This trend was accelerated by the pandemic, when many companies allowed workers to continue telecommuting or adopted hybrid schedules.
“Homebuying needs have evolved significantly since 2020,” said Mark Beal, a communications professor at Rutgers University in New Brunswick, N.J.
"A home office, which may not have even been a consideration prior to 2020, is mandatory for many workers in 2024 and beyond,” he said. “[It] may take priority over a traditional dining room or living room."
What to look for in a home as a remote worker
One of the things that many remote workers are looking for in a home is a dedicated office area, say experts. It can be a room with a door that closes or area large enough for a desk and their equipment.
“The office space needs to be a quiet space where they can close the door and conduct their business, including meetings, without noise and distractions,” said Beal.
Having that space can help workers focus, especially if they live with others.
It may also help them to compartmentalize to one area in the home, which may assist them in shifting from office to leisure time.
Since most remote work is done online, having internet access is a necessity. Remote workers may also benefit from having access to third spaces where they are able to go to work or practice hobbies, so they’re not cooped up in the same spot all day.
“Remote workers should consider homes in areas with reliable internet connectivity and proximity to amenities like co-working spaces, cafes, and fitness centers,” said real estate agent Matiah Fischer of All Homes Las Vegas.
Remote workers may save money by moving to more affordable areas
Many remote workers don’t have to live in expensive areas just because their companies are based there.
They may be able to move to cheaper, further-out communities, to smaller cities, or other regions of the country.
That has the potential to save them quite a bit if they’re planning to buy a home at a time when prices are at record highs and mortgage rates remain high.
However, they should take into account property and other taxes and the cost of living, which can vary considerably across the country.
What to consider before relocating to a new community
However, remote workers shouldn’t just think about affordable real estate when they’re choosing a new location. They should also consider the lifestyle of their new communities, the amenities that are most important, and the health of the local economy.
For Camille Bradbury, the flexible hours from working remotely gave her more time to dedicate to the homebuying process.
However, when she lost her remote job after moving to Taos, N.M., she struggled to find work in the rural area. It took her six months before she landed her next job as a director of HR communications.
“I assumed I would always have a remote job, because I wouldn’t apply for an on-site one again,” said Bradbury, 39. “I didn’t realize, though, what would happen if I lost that job and had to rely on finding a job in Taos.”
Fischer urges remote workers to think about the long-term suitability of their new locations before they move.
“Factors such as cost of living, quality of life, and future resale value should be considered,” said Fischer.
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