Working from home associated with increase in housing prices, study finds
SALT LAKE CITY — A new study suggests the increased number of people working from home could be the reason that home prices have skyrocketed over the past couple of years.
The study by The Federal Reserve Bank of San Francisco notes that home prices saw a 24% increase from Nov. 2019 to Nov. 2020, while work from home rates rose from a pre-pandemic 5% to 60% in the Spring of 2020. As of August, 2022, around 30% of people work from home, according to the study.
Researchers attribute 15 percentage points of the 24% increase from 2019 to 2021 to remote work.
One reason for the increased home prices, according to researchers, is that people needed the time and space to do in their homes what they traditionally did in their offices.
As remote work remains a constant, the researchers think it will also impact future home prices and inflation.
Today’s Top Stories
- 12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]
- Man crashes into Ogden Taco Bell drive-thru window
- Trash can on fire at home in the Cottonwoods, safely extinguished
- Crash on I-15 in Draper leaves one dead
- Frontier Airlines no longer has a customer service phone line
- American Red Cross of Utah seeks volunteers in central Utah
- The best tools for Deaf and hard-of-hearing workplace success
- Six new Latter-day Saint missions to launch in 2023
- Fugitive taken into custody following SWAT stand-off in Taylorsville
- Clearfield Police identify victims in Wednesday’s double homicide