Welcome To Zoom Towns
As remote work becomes the new standard for most Americans, we’re seeing “Zoom towns” pop up in highly sought after vacation destinations. Zoom towns, as defined by NPR’s Planet Money, are “places that are booming as remote work takes off,” such as, the Hamptons, Martha’s Vinyard and Aspen. So what does this mean for the housing market, and how will it affect you? Read below to find out.
The New Housing Market
Covid-19 has brought many new changes to the housing market. One of the biggest is historically low interest rates. The second is remote work and learning. With the latter being the new norm, the things most parents and remote workers look for in a home has changed. For example, people are looking for bigger office spaces or larger homes to accommodate more people being there much more often than they were before.
This change means many people are starting to move out of big cities and to places that offer more space and outdoor activities– rather than somewhere with an exciting nightlife or bustling restaurants and theaters. Most places that have the space and privacy remote workers and parents are looking for happen to be vacation destinations, such as Cape Cod or Lake Tahoe.
How will this affect you?
Since recent trends show an increase in buying but a shortage of houses on the market, this new change can be very beneficial for those looking to sell their homes in the areas listed, as well as places like Montana, Tennesse or Kingston, New York. Although a shortage of homes isn’t the greatest thing for the market, it means those looking to sell can increase the price a bit.
With interest rates staying low, it can also be good for millennials who are looking to put roots down in a more family-friendly area or those looking for more space as a result of working remotely.
Final Thoughts
The new housing market that’s been brought on by remote work and learning certainly caused a shift in the debate between city living and a rural lifestyle. As more homeowners have the option to work from home, they’ve realized they no longer have to live in or near the city to work in the city, which allows them to have the freedom to live almost anywhere while keeping their job and making the same amount of money.
For those in a position to uproot your life and looking to live someplace away from the city, you should do some research into a particular Zoom town that sounds interesting to see if it’d be the right move for you.
If you have any questions, please reach out to our trusted Cal Fin Home Loan Advisors at (888) 585-2967 or email us at (calfinhomeloans@gmail.com).
