The impact of remote work on the housing market has been significant. In a webinar by Yardi Matrix, Jeff Adler, Matrix vice president, brought up several notable shifts. The full recording and presentation slides are available online. Let’s explore the big-picture impact of remote work on housing and communities. There are myriad cultural changes from the pandemic from an economic standpoint, but one of the most significant transitions is the prevalence of remote work. Working remotely offers more opportunities for household formation. In addition, with remote working becoming more prevalent, some employees are no longer tied to living near the offices. This has increased interest, particularly in suburban areas like Charlotte and Phoenix, where households can enjoy more space, lower living costs and a quieter lifestyle than in urban centers. Additionally, some businesses have chosen to leave high-cost cities for lower-cost ones, such as San Francisco to Austin, New York to the Carolinas and Chicago to Nashville. “I think Huntsville is a great market for many businesses, but it’s just now beginning to have a lot of supply hit,” said Adler. “Any place where you got to have a supply response will run through some struggles for the next couple of years as it gets absorbed.” In addition, research found that remote work has led to a surge in household formation, counterbalancing population loss in dense cities. First-time homebuyers are becoming priced out of the market, which encourages renting, especially while mortgage rates are at the highest level in more than 13 years. Household formation could stall as renters move in with family or roommates to cut costs. Remote work has given homeowners and renters more flexibility in choosing where to live. This has resulted in shifts in migration patterns. People are moving from...