New York, San Francisco, Chicago and large cities across the nation are experiencing a drain on population during the pandemic. The work from home culture is making it possible for people to continue working without having to live in the city.
We’re seeing real estate prices in the big cities remaining flat as people move out of the high rent cities to social distance. The result of this is of course a disappearing populace of the United State’s largest cities and will likely affect future real estate costs as well. We may not be needing all the office space, nor the high density housing, which was usually at a premium cost.
A few facts include that 55% of global businesses offer some sort of telecommuting for employees. Of the work at home culture, 77% report being more productive from home. and 99% say they’d like to continue to work from home.
Companies are taking a hard look at telecommuting as a norm. The average savings for American companies per employee who works from home half the time is $11,000 annually.
As the pandemic has sent people home and out of the cities, housing prices in the suburbs are going up. Is working from home a thing of the future? It’s looking like this is no longer the exception t the norm. Which begs to question, where to live? Do we trade in the high rise, high rent 2 bedroom flat for a 4 bedroom tract home in the’burbs, or even a resort area because you can work from anywhere now?
And the bigger question…will it return to the way it once was or not?
We’ll have to see.