Rural areas keep rising in popularity as remote workers seek opportunities in more affordable communities

Continued remote-work options, paired with cost of living increases, have incentivized many pre-pandemic metropolitan dwellers to relocate to more rural areas. "Buyers who purchased homes in the year ended in June moved a median of 50 miles from their previous residences, according to the National Association of Realtors," reports Nicole Friedman of The Wall Street Journal. "That distance is the highest on record in annual data going back to 2005 and follows five straight years in which the median distance moved was constant at 15 miles."

"The moving distance likely soared because many employers solidified their in-office requirements, giving some remote workers the certainty to move farther from their offices, Jessica Lautz, NAR’s vice president of research," told Friedman.

"Stanton and Donna Zeff were hoping to move to Florida once Mr. Zeff retired, but due to Mr. Zeff's work becoming exclusively remote, they were able to move this past January. "They sold their home near Dallas in January and recently bought a four-bedroom house in Davenport, Fla., which includes a suite for Mr. Zeff’s mother, who will be moving with them," writes Friedman.

In contrast to the housing boom of the pandemic, recent increases in home interest loan rates and inflation have changed the real estate market. "Now that mortgage rates have more than doubled, home purchases have dwindled and buyers have focused more on affordability," Friedman reports.