Push to return to office could have implications for local housing markets
NORTH BETHESDA, Md., Dec. 19, 2024 /PRNewswire/ -- With a new presidential administration taking office shortly, and more employers reconsidering remote work policies that gave their employees the freedom to move farther from the office, many homeowners may be facing a tough choice in 2025 – move or look for a new job. New survey data from Bright MLS finds that if called back into the office full-time, 37% of people working remotely at least part of the time would look for a new job.
According to the nationwide survey of nearly 1,600 homeowners conducted in November, commute time is what is setting up the battle between work and home. One quarter of remote workers responded that they would "probably" or "definitely" have to move if they were called back to the office full-time. Another 26% said that while they would not have to move, their commute would be very long. Of those who say they would have to move or endure a long commute, more than 30% have lived in their current home for less than five years.
"There was a surge in homebuying in further-out locations when work shifted to home during the pandemic. As more employers end or significantly scale back remote work options, many are facing a decision about where to live versus where they work," said Lisa Sturtevant, Bright MLS Chief Economist. It is likely that we will see an increase in demand for housing near job centers and transportation networks. In more far-flung markets, where demand soared during the pandemic, market conditions likely will be weaker as more workers are pulled back into the office."
Age plays a role in the battle between job and home
Older workers are more likely to resign if forced back to the office full-time. Among survey respondents, 43% of remote workers over the age of 50 said they would look for a new job if asked to return to the office. This compares to 32% of workers in their 40s and 34% of workers under the age of 40.
Commute times impact West Coast homeowners the most
According to the survey, homeowners on the West Coast would be most likely to have to make a decision about whether to move if their employer called them back to the office 100% of the time. Thirty-five percent of remote workers in California, Oregon, and Washington indicated that if their employer called them back to the office, they would have to move or endure a long commute.
Workers in the New York metro area and in Texas also say they could face big challenges if, or when, they are called back to the office. A quarter of remote workers in the Middle Atlantic region (New York, New Jersey and Pennsylvania) said they would have to move or endure a long commute if they had to return to the office. A similar share of West South Central workers, which includes Texas, would also be faced with that choice.
To view the full report, including methodology, please visit: brightmls.com/research.
About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation's most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS's innovative tool library—both created and curated—provides services and award-winning support to well over 100K real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. Learn more at BrightMLS.com.
SOURCE Bright MLS
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