How is COVID-19 Affecting Real Estate

COVID-19 is already leaving a significant impact on the real estate markets around the country. From positive booms to negative lows, real estate is taking a hit in ways no one predicted. The good news is, if you’re out of work and willing to move to earn money, several cities are predicted to do better than most in employment.

If you already have a job and are working remotely, you might be able to convince your boss to let you work from home more often. If that’s the case, moving to the suburbs might be right for your family. The suburban boom is directly tied to the pandemic and is likely bound to expand as more people work from home regularly.

Suburban Boom

Many businesses are still keeping their employees at home because of COVID-19, and some of those companies are reporting that their employees will remain home through the fall. For some employees, this is welcome news as many remote workers have found they enjoy working at home rather than the office.

One survey from Zillow reports that most current remote workers would like to continue working remotely after the pandemic is over and that 40% of surveyed workers currently have a job that can potentially be done remotely.

This new attraction to working remotely is creating a subtle shift in the housing market that could continue to gain traction as the crisis goes on. Zillow, one of the leading real estate listing websites in the industry, found that two-thirds of remote workers during COVID-19 are at least somewhat likely to consider moving houses if they had the option to work remotely as much as they want. 31% would consider moving to a home with dedicated office space and 30% to a larger home overall.

This type of thinking suggests a potential boom in suburban living in the coming months or years directly tied to the pandemic. Zillow’s data suggests that remote workers searching for a new home will likely look for more house, more yard, or both — amenities typically found in suburbia.

Where should you move for work after COVID-19?

Many jobs can’t be done entirely remotely, and if you’re one of the unlucky who lost their jobs instead of getting the option to work from home, you’re probably worrying less about a suburban boom and more about where to find work. Despite the severe economic impact of COVID-19 on the country, some cities are expected to fair better and provide more stability than others.

You can expect more people to move to these cities through the coming months as they flock to areas they are more likely to get employment. The real estate market in these hotspots will flourish, specifically in the suburbs, as some of these new job seekers are allowed to work from home.

Hot Cities to Move to:

• Miami: Miami, Florida, is handling the pandemic well and might provide enough stability for you to both get work and do that work at least partly at home. During the pandemic, multiple companies throughout the city are currently hiring, and some companies have hired new workers every month. According to a recent survey, only 30% of Miami-Dade businesses reported laying off workers since the pandemic emerged. You can find listings for Miami, FL jobs here.

• Atlanta: Atlanta, Georgia, is doing better than many other large cities throughout the country. As of the end of May, large companies like Big Lots, BJ’s Wholesale Club, and the CDC Foundation were hiring for multiple positions. Atlanta is expecting pretty decent reliability and stability, considering the current state of the world and is a smart move if you’re out of work. You can look for City of Atlanta careers here.

• Dallas: Dallas, Texas, is taking the pandemic in stride and working hard to keep its citizens in jobs. Large corporations like 7-Eleven, Ace Hardware, and Aldi continue to hire during the crisis throughout the city. Dallas offers decent stability for new workers and is less of a risky move than many other cities at the moment. There are over 25,000 jobs in Dallas, Texas, listed here.

• Seattle: In Seattle, Washington, they saw many businesses shut down while some businesses continue to hire. Many delivery services, janitorial jobs, and manufacturing positions are available throughout the city, most of which offer stable income and a reliable place of work throughout the impact of COVID-19. You can find current positions listed here.

• Raleigh: North Carolina has seen relatively high unemployment rates since the pandemic started, but Raleigh is poised to recover well and offer a stable income for new job seekers. Currently, companies like Home Depot and Amazon are hiring, and the city itself is looking for more nurses, healthcare providers, and correctional staff. You can find State of North Carolina jobs in Raleigh here.