Cities with more transplants saw the biggest uptick in housing costs, while regions 'less amenable' to remote work experienced slower house price growth.
Home prices rose 24% between November 2019 and November 2021, the research, which was published Monday, found. Increased demand for working from home accounted for more than 60% of overall price hikes and similar increases in rent during that period.
Economists August Kmetz and John Mondragon, of the San Francisco Fed, and Johannes Wieland, an economist and associate professor at the University of California, San Diego, noted that remote-capable workers"were able to relocate to cities with cheaper housing or more attractive amenities" as offices closed to curb the spread of Covid-19.
These cities saw the biggest uptick in housing costs, while regions"less amenable" to remote work experienced slower house price growth. Some of the cities that emerged as remote work hotspots during the pandemic include Charleston, South Carolina; Orlando, Florida; and Wilmington, Delaware, according to
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