Untethered workers could reshape housing market

Untethered workers could reshape housing market

Untethered workers could reshape housing market
With nearly one in three American jobs capable of being done remotely, experts suggest that migration away from big cities is likely in the coming years. The coronavirus pandemic has reshaped the workforce, likely permanently and endless commutes and office hours may become a thing of the past. A new study from ApartmentList estimates that there are 8.7 million untethered workers in the U.S. or 5.6 percent of the American workforce.

Because of this, remote workers may start to seek out more affordable housing away from big cities. San Francisco had the biggest share of untethered workers with 13.5 percent, according to the study. San Diego had the tenth highest share with 7.8 percent of its workforce being able to work remotely.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.