As more companies begin to offer remote work for employees, it could present Americans renting in expensive metro areas with the opportunity to buy starter homes in affordable parts of the country, according to a new analysis.
A recent report by Zillow found that nearly two million renter households could buy starter homes, if they're allowed to telework. The remote work option would allow many of those renters to leave expensive coastal markets where properties are out of their price range, and move to other locations where a starter home is more affordable.
The typical starter home is valued at $131,740, according to Zillow, but that price can be significantly higher in 37 of the country's 50 biggest metro areas. "As a result, owning even a modest home is out of reach for many households as long as they need to be within commuting distance of a physical workplace," Zillow data analyst Treh Manhertz wrote.
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