More Workers Willing to Relocate to Afford a Home

Now that remote work seems to be a long-term possibility, employees are more willing to move in order to better afford a home, according to a survey by Fannie Mae and PSB Insights.

In the fourth quarter of 2014, 20% of the general public viewed home affordability as an important consideration but as of this year’s first quarter 36% did, a noteworthy increase. And a higher number say they would be more willing to move farther away. This year, 11% said they would relocate to a new metropolitan or regional area; another 11% said they would live and/or commute a larger distance, which might add more than 20 minutes; and 10% said they are willing to live and/or commute a little farther—adding less than 20 minutes. The first two percentages totaling 22% are more than the 8% and 6% respectively from two years ago. Clearly, the fact that they don’t have to go in daily to work is a catalyst for the change of distance and the economic uncertainty with high interest rates and high home prices has made affordability a major goal.