Remote Work on the Rise, What It Means for Real Estate
Location, location, location!
One of the most important factors when it comes to real estate is location. Where a property sits tends to be one of the most important characteristics when it comes to home buying.
There is a current shift in where Americans want to live and why. Dr. Sam Chandan is a professor at NYU and Academic Dean of the school’s Schack Institute of Real Estate. He says changes are manifesting now that could impact both city planning and real estate for decades to come.
“Millennials are not necessarily looking for something that looks like Levittown,” says Chandan, referring to the suburban Long Island community.
But now with remote work, experts says that areas that used to be defined by their freeway access are not becoming a main consideration for homebuyers.
“So many millennials are doing a lot of their jobs—-they can work from home,” she says. “They don’t want to get out and drive. It’s important for them to walk or if they have to drive, drive a very short distance.”
This has continued as people who work from home have limited excuses to just get outside, meet neighbors and learn about their town.
The result of all this movement and new development, of offering wider varieties of housing types and densities in different parts of a given city creates demographic diversity, according to Chandan.
A place that can accommodate young and old, wealthy and lower income folks, families and retirees is much healthier for everyone, and especially for the real estate market.
Full article by Jesse Williams at RIS Media: https://www.rismedia.com/2021/11/22/millennials-remote-work-upending-cities-what-means-real-estate/