In previous generations, it was expected that one would begin a career and carry out that profession for the remainder of their working years, being rooted and established in the community that they worked in. That is no longer the expectation or experience of most. Especially in the last handful of years, the rise of remote work opportunities is giving individuals and families the freedom to pull up roots and settle in a location that suits their lifestyle desires and financial advantage.
Outside of Their Reach
The American dream is a picture of freedom and success, highlighted by owning a home with a white picket fence. However, it seems as each year passes, this dream is slipping further and further from reach and becoming unattainable for the average person due to soaring housing prices. Major cities and metropolitan areas are seeing prices skyrocketing and pushing many prospective buyers out of the market. According to a recent report from the National Low Income Housing Coalition, a full-time minimum wage worker would need to work over 120 hours a week to afford a humble two-bedroom rental unit. How is that living the dream?
The inability to provide well for themselves and also live a lifestyle that includes not working nearly every waking hour of their life is propelling many individuals and families to reconsider where they reside, seeking a more cost-affordable area.
Remote Work Revolution
Remote work, pushed into the mainstream by technological advancements and the COVID-19 pandemic, has transformed residential choices like nothing else we’ve seen in the recent past. This shift has revolutionized the traditional office environment, giving many employees the freedom to work from their living rooms rather than commuting to an office across town. With this newfound autonomy in their work location, individuals and families can now analyze and prioritize factors beyond just commuting distance, including quality of life, access to nature, and overall living costs.
Professionals in fields ranging from technology to finance can now reside in more affordable towns and cities across the country without sacrificing career-advancing opportunities. The ability to expand your scope of potential places to call home is not only allowing you to live a lifestyle that you’re struggling to attain in more expensive areas where the high-paying jobs are, but it is breathing new life into communities that were previously facing economic decline.
Effects on Urban and Rural Areas
The effects of these trends in recent years extend beyond mere demographic changes. Urban areas, which were once thriving with activity and economic growth, are now seeing reduced demand for commercial real estate and shifts in patterns of consumption. At the same time, rural areas and smaller towns are experiencing a huge growth in population, as their towns offer affordability and a more reasonable work-life balance. New residents are embracing the sense of community found in these quieter locales, enjoying the benefits of a small-town atmosphere.
The local economies of these smaller areas are thriving due to increased spending across various industries, including housing, restaurants, goods, and services. Businesses that previously struggled are experiencing growth as they supply needs and wants to the growing population of remote workers and their families. This influx of new residents has also led local governments and developers to invest in infrastructure upgrades, such as expanding broadband access and enhancing community amenities. These improvements further enhance the attractiveness of these areas as desirable places to live.
Challenges and Factors to Consider
There have been challenges associated with this shift of population density, though. These communities have seen either very small growth over the years, or even a decline in development, and are having difficulty in keeping up with the demand for housing, infrastructure, and local services. Oftentimes, the rush to construct homes and needed services are quickly changing the long-held culture of these communities. Longtime residents who are seeing their hometowns change practically overnight are lamenting the drastic upheaval in their known way of life. in these small towns are increasingly frustrated by the change in the culture of their communities. Those moving in from larger urban areas may not always recognize the impact their arrival has on the quieter lives of existing residents.
For the remote workers themselves, you also have to consider the transition to an online work environment without the office interactions or change of scenery from your morning or evening routines. Adapting to a virtual work environment requires discipline and strong communication skills. It is also important to maintain a clear boundary between work and personal life.
The Bottom Line
As remote work continues to be a fixture in the modern work environment and the cost of living continues to rise, it appears that affordability will resume being on the top of the relocation pro and con list for many people.
If the flexibility of remote work has you rethinking your ideal place to live, get in touch with us today to find your perfect new home.