Living close to your work may be a thing of the past for some
Amid COVID-19 and the pandemic's lasting impact on all facets of society, a desire to live close to your job may become a thing of the past for some.
As companies respond to stay-at-home orders by enabling their employees to more easily work from home, many people are rethinking their residential priorities.
According to a TD Bank survey of more than 1,000 Americans titled the "Stay-at-Home Effect," 29% of city dwellers and 35% of millennials said they would embrace remote work and consider moving further away from their job if their place of employment continues to allow for that.
Should I stay or should I go?
Many people have now spent more than 100 days working from home and are more attuned to their living conditions than ever. While just 1 in 10 survey respondents admit the pandemic has accelerated their desire to move, many are working on their wish lists.
In fact, more than a third (39% ) of city dwellers said they wanted a larger living space and 28% said they wanted more outdoor space, indicating they may be thinking about upgrading their home or considering a longer-term move.
Despite these sentiments, moving is still a major undertaking. For example, just 10% of city dwellers relocated from their primary residence during the pandemic.
Taking a long look at finances and the future
The pandemic and the economic uncertainty it’s created has many also rethinking their budget to determine whether their current living situation is worth what they are paying.
As many as 29% of survey respondents say they are currently using their extra time during stay-at-home orders to review their finances, including 35% of city dwellers, who typically pay more in rent.
Furthermore, almost one in three respondents (29%) said the pandemic has made them want to spend less on their living situation than they do now. This number is higher amongst urban/metro area residents, at 38%, who may be shifting their perceptions on whether the perks of living in the city outweigh the lower cost and increased space of other locations.
Meanwhile, mortgage rates are at record lows, presenting an opportune time for renters to consider a new home purchase, and homeowners to refinance their current mortgage and save on monthly payments.
While some are considering moving to a new home, many are using this time to make improvements to their current homes.
During quarantine, 28% of respondents said they undertook home renovation projects and nearly a third (31%) said they have worked on landscaping or gardening. Another 12% have worked to create a permanent home office.
Overall, 15% of people said desire a better home office space to accommodate work-from-home.