WASHINGTON—A new study by Fannie Mae confirms a reality most credit unions have already accepted--a hybrid work environment is likely here to stay.
As part of a recent Fannie Mae National Housing Survey special topic analysis, Fannie Mae’s Economic & Strategic Research (ESR) Group surveyed renters and homeowners to see how work and housing preferences have evolved since the onset of the COVID-19 pandemic.
To track how attitudes may have changed, where possible, the ESR Group said it repeated questions from prior iterations of the NHS, including some dating back as far as 2010.
The Findings
According to Fannie Mae, the findings included:
- The percentage of fully remote and hybrid workers has “remained surprisingly constant in the post-pandemic era, indicating that, despite headline-grabbing news of companies demanding that workers return to the office, remote and hybrid work may be here to stay.”
- According to the latest survey, a greater share of remote and hybrid workers reported a willingness to live farther from the workplace. “This may be an indication that some workers are feeling more secure about their remote work situation and/or their ability to find another job if their current employer were to change its policies. For those considering homeownership, greater location flexibility also increases the odds of finding a home within budget,” Fannie Mae said.
- The ESR Group also asked respondents what factors are most important to them in selecting their next home. In 2023, affordability topped the list, substantiating the need of households to find ways to manage around the significant rise in mortgage rates, home prices, and rents of the past few years, Fannie Mae noted.
- The traditional premium attached to new home construction may be less of a barrier to potential homebuyers if they can move to a different market – whether that’s another 10 miles out of town or a different metropolitan area entirely. “This could include suburban and rural areas, and it has likely already contributed to the strength of new home sales relative to existing home sales seen over the past year,” Fannie Mae said.
Broader Implications
“The research also holds broader implications for the link between housing and the labor market,” Fannie Mae’s ESR Group stated. “In short, the growing share of remote-working renters and homeowners who are willing to live farther from their employer’s location implies access to a wider labor market, which could be useful if a downturn in economic activity led to greater rates of job loss. Having access to a larger labor market may also reduce the adverse effect on local home prices when a major employer or industry contracts.”
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