SEATTLE, Sept. 14, 2021 /PRNewswire/ -- As employers
make — or delay — plans to reopen workplaces this fall, new Zillow
research1 finds that nearly 40% of U.S.
workers (39%) still don't know if or how often they'll be working
in person. More than one-third of those workers (35%) say that
uncertainty is impacting their ability to make decisions about
their lives, such as the decision to move.
Remote work is already fueling the Great Reshuffling, as people
who no longer have to be at their workplace five days a week
prioritize affordability and space over a short commute. This data
suggests there's far more reshuffling to come as employers and
employees decide what their future will look like.
The lasting shift to remote work is being driven by employee
preferences. After many workers spent a year and a half working
from home, an overwhelming number of them want to keep that
flexibility once the pandemic has ended. Zillow's survey finds 84%
of U.S. workers want to work remotely at least a few days a month,
and 44% want to work from home all the time.
Half of millennial and Gen Z workers who don't yet know their
employer's post-pandemic plans say they're at least somewhat likely
to consider getting a new job if they end up working in person more
often than they would like (50%). Large numbers of workers report
that various aspects of working from home are now very or extremely
important to them, such as control over their life and their time
(69%), and the freedom to live where they want (64%).
"Workers are clear in their desire for more flexibility," says
Meghan Reibstein, vice president of
organizational operations at Zillow. "It's no surprise
employees are willing to change jobs to get to this more
sustainable way of working, and employers risk losing people
if they ignore employees' preferences. If given the freedom to
move, employees can work where they're happiest and most
productive, which is a win for them, their organizations and their
communities."
Remote work has the potential to bring the most significant
expansion of economic opportunity and housing affordability
witnessed in a generation or more. The ability to work and live
anywhere is already opening up housing opportunities all over the
country, widely benefiting first-time buyers and renters of color.
When given that flexibility, remote or hybrid workers are more
likely to say they would move — 23%, compared to 13% of in-person
workers2 who say the
same.3
Those moves are already happening. In the most expensive metros,
buyers are prioritizing affordability over commute times, with
areas 60‒90 minutes outside the city center experiencing the
fastest home value growth. This trend is echoed by moving data that
shows pandemic-era movers are seeking larger, more affordable
homes.
Zillow's own internal data offers a small case study in how
remote work can spur people to move. After the company announced a
permanent flexible workplace policy in October 2020, the monthly relocation rate jumped
more than 45%, compared to typical relocation rates in 2018 and
2019.
"Lingering uncertainty over permanent flexible work policies
suggests that we're closer to the beginning of the Great
Reshuffling than the end," says Chris
Glynn, Zillow senior managing economist. "As more people
learn how often they'll have to be at their workplace or make a job
change to gain that flexibility, we expect to see more people move.
Remote work will be a significant driver of housing demand for
years to come, along with demographic trends."
About Zillow Group
Zillow Group Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make it easier to unlock life's next chapter.
As the most visited real estate website in the United States, Zillow® and its affiliates
offer customers an on-demand experience for selling, buying,
renting or financing with transparency and nearly seamless
end-to-end service. Zillow Offers® buys and sells homes directly in
dozens of markets across the country, allowing sellers control over
their timeline. Zillow Home Loans™, our affiliate lender, provides
our customers with an easy option to get pre-approved and secure
financing for their next home purchase. Zillow recently launched
Zillow Homes, Inc., a licensed brokerage entity, to streamline
Zillow Offers transactions.
Zillow Group's brands, affiliates and subsidiaries include
Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™,
Zillow Closing Services™, Zillow Homes Inc., Trulia®, Out East®,
StreetEasy® and HotPads®. Zillow Home Loans LLC is an Equal Housing
Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
1 Zillow Group Population Science
conducted a nationally representative survey of U.S. workers. The
survey was fielded June 24–July 2, 2021 and asked 993 workers about
their plans to work in person versus remotely. For more on survey
methodology, contact press@zillow.com.
2 In-person workers refers to
those that reported working at their employer's location five days
or more. Workers given the flexibility to work remotely
refers to those who reported working somewhere other than their
employer's location at least one day a week.
3 Zillow Group Population Science
collected a nationally representative sample of more than 1,000
Americans and fielded a survey between March
1 and March 7, 2021. To achieve national representativeness,
quotas for home tenure, age, education, sex, region, race, income
and marital status limited overrepresentation of any given
demographic group in the survey sample. In addition to quotas,
Zillow used statistical ranking to weight the sample to the U.S.
Census Bureau American Community Survey 2019 sample of adults. For
more on survey methodology, contact press@zillow.com.
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SOURCE Zillow