The housing market is undergoing a significant shift as more people prioritize affordability and flexibility in their search for a new home. Rising home prices and high mortgage rates have made it challenging for many to afford a home, leading to a growing trend of relocating to more affordable areas. This trend is further fueled by the increasing prevalence of remote and hybrid work, which is expanding the range of viable locations for homebuyers.
Considering a Move to a More Affordable Area
In today's market, the combination of high mortgage rates and continuously rising home prices has made homeownership a financial stretch for many. As a result, more buyers are exploring locations where housing costs are lower, and the overall cost of living is more manageable. According to Orphe Divounguy, Senior Economist at Zillow:
"Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends."
If you're in the market for a new home, it might be worth expanding your search to include areas where homes are more affordable. Many buyers are following this path to find homes that fit their budgets. As Extra Space Storage points out:
"55% of American adults are looking to relocate to a different state or city for more affordable homes and lower costs of living. . . Specifically, states with a strong economy, lower costs of living, and remote work options continue to be the ideal places to live in the U.S."
Remote Work Opens Up More Home Options
The rise of remote and hybrid work has fundamentally changed the way people approach their home search. If you work remotely or have a flexible schedule that requires only occasional trips to the office, you can consider a wider range of locations, including suburban and rural areas. Market Place Homes highlights this shift:
"People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether. If they have a longer commute but don’t have to do it daily, they may feel like they can tolerate living farther away from their job. Or, if someone works entirely remotely, they can move to a cheaper area and get a lot of house for their dollar."
How a Real Estate Agent Can Help
Navigating a move, especially to a new and unfamiliar area, can be daunting. This is where a real estate agent becomes invaluable. An experienced agent can guide you through the process, helping you find a home that not only fits your budget but also aligns with your desired lifestyle. As Bankrate advises:
"If you’re moving far away, you may not have a good idea about which neighborhoods or towns will be the best fit. An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford."
Bottom Line
If you're dreaming of a place where your money goes further, now might be the perfect time to explore new options. With the flexibility of remote work, you have the opportunity to consider locations that might not have been feasible before.
Relocating, investing, or buying a second home I am here to help. Compass is a national company with almost 30,000 agents, and offices in most major cities. I have a fabulous national referral network that will make your new search smoother and easier.
