A working paper from the National Bureau of Economic Research found that remote work raised aggregate housing prices by 15% and possibly more. This accounts for half of the overall increase in aggregate housing prices.
Read Housing Demand and Remote Work.
See also:
- This could be a sign that value was not destroyed when NYC office real estate value declined due to remote work but redistributed to housing
Links to this note
-
Work from Home Happens the Most in Cities
The American Community Survey from 2021 by the US Census Bureau showed that the largest share of working from home was in major cities and metropolitan areas. For example, San Francisco, District of Columbia, Brooklyn, and Chicago are all in the top 10 in remote work.