As we continue into 2024, prospective homebuyers and homeowners looking to purchase or refinance are…
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If the rise of remote work proves to be a lasting trend, nearly two million renters could find themselves with a new, potentially easier path toward homeownership, according to a new study by Zillow. The real estate company crunched the numbers and found that some 1.92 million renters currently can’t afford to buy an entry-level home in their current locale, but could afford a typical starter home if they took advantage of increased work-from-home flexibility and moved to a less expensive area. To come up with this estimate, Zillow identified renter households across the country for whom monthly payments on a starter home are unaffordable (that is, monthly payments are greater than 30% of household income). Those households were then assigned a “telecommuting probability,” based on income, the worker’s occupation and the industry in which they work.
Read the complete Scotsman Guide article here.