Are Remote Workers Transforming Housing Markets in Pensacola, Pace, and Gulf Breeze Florida
Charles Stallions CBR, CRS, CSE licensed realtor serving Pensacola, Pace, and Gulf Breeze Florida
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Since they can live and work anywhere, they’re heading to mid-tier cities nationwide, leading to a surge in home and rental prices in these areas.
Pensacola – Remote work since the pandemic has fueled the flexibility for Americans to leave larger cities near job centers and move elsewhere to farther-out locales.
“They can live and work anywhere, and that’s what they’re doing,” according to one chief economist
They’re flocking to mid-tier cities nationwide, leading to a surge in home and rental prices in these areas. For example, Pensacola, Florida – we are seeing many workers with Navy Federal letting their people work from home. Of course home prices were going up before the pandemic and now they are sky rocketing.
Home prices rose by more than 20% compared to a year ago in the second quarter in pockets across the country, such as the Gulf shores of Alabama to Idaho’s Treasure Valley and Massachusetts’ Berkshire County, according to National Association of Realtors®’ data. All three of these locales have a higher-than-average share of out-of-state views of their real estate listings.
Also, New Yorkers, for example, are increasingly shopping for homes in other areas of the country. Los Angeles residents are increasingly looking in Riverside and San Bernardino for housing.
The pandemic accelerated migration to more affordable areas from pricey city centers. When employees do have to return to work in person, more Americans say they’re fine with having a longer commute too. Sixteen percent of consumers said they’re willing to have a longer commute now; 22% of millennials said they’d be willing to extend their commute, according to a realtor.com® survey.
Some remote workers are showing willingness to live further than just the suburbs or exurbs of the metro area where they currently reside. For example, West coasters are showing a greater desire for areas in Boise and Las Vegas. New Yorkers are increasingly hunting for listings in Miami and Tampa. In Washington, residents are looking at Baltimore and Philadelphia.
The new remote work migration is helping to grow small housing markets that don’t have strong economic centers. “Ghost towns of the past now have a future again,” Susan Wachter, professor of real estate at the Wharton School at the University of Pennsylvania, told Barron’s.
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