An intriguing trend is unfolding in the housing market where individuals are progressively relocating to more cost-effective regions, aided by the rise of remote or hybrid work setups.

Consider Moving to a More Affordable Area

The current scenario of soaring mortgage rates and escalating home prices is making it challenging for numerous individuals to purchase a home. Consequently, many prospective buyers are opting to relocate to regions where housing is more affordable and the overall cost of living is lower. Senior Economist at Zillow, Orphe Divounguy, elucidates this trend.

“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”
— Orphe Divounguy, Senior Economist at Zillow

Expanding your search area to more affordable locations could help you find a home that fits your budget. Many homebuyers are currently taking this approach to meet their housing needs. According to Extra Space Storage:

“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.”

— Extra Space Storage

Remote Work Opens Up More Home Options

If you work remotely or commute to the office just a couple of days a week, you'll have a wider range of options when searching for your next home. This is because you can explore more suburban or rural areas nearby. As mentioned by Market Place Homes:

“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.”
— Market Place Homes

How a Real Estate Agent Can Help

A real estate agent can assist you in discovering the ideal home within your budget, which is particularly beneficial when relocating to a new and unfamiliar area, according to Bankrate.

“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.”
— Bankrate

If you're considering moving to an area with more budget-friendly housing, why wait? With the increased flexibility of remote work, you could have a wider range of choices now.

Bottom Line

Dreaming of finding a place where your money can stretch further? Reach out so we can assist you in discovering your next home. Together, we will work towards turning your dream of owning a home into a reality.