As work from home has slowly gone from being a passing fad to a way of life that many have come to terms with, the real estate market has gone into full swing. What used to be considered the creme de la creme in terms of location is now deemed no longer necessary for those who want a quieter lifestyle. Overpriced skyscrapers and luxury apartments worth millions, that line the downtown streets sit empty as new home buyers search for a different kind of place to call home.
In cities like New York and Los Angeles, residents are fleeing the status quo for cities like Virginia Beach, Provo, and Joshua Tree where prices remain stagnant and hours-long commutes are no longer required. According to housing experts, the suburbs which had experienced a massive decline before the pandemic, are now considered prime locations when it comes to acquiring square footage, work life balance, and a toned down lifestyle. Housing prices are currently up as much as 50% above where they were a year ago depending on location and added amenities. WIth big tech companies like Facebook, Google, and Atlassian allowing permanent remote work solutions, an apartment in the city is becoming a thing of the past.
