Homeowner survey: Return to the office — or quit?
In a recent poll, 37% of remote workers said they would look for a new job if asked to come back to the office full time, citing the commute as a key factor.
Key points:
- Many remote workers are not willing to return to the office if it means having a long commute or relocating. Older employees are especially resistant.
- As more companies phase out work-from-home, proximity to one's job will be a more important factor in where people choose to live.
- Even with workers returning to the office, the asset class — and investor sentiment toward it — is still challenged, another report found.
Looking ahead to 2025, home sales are expected to rise, with both real estate agents and forecasters predicting a bump in transactions. But some homeowners are determined to stay put, even if that means finding a new job.
The appeal of the no-commute life
According to a Bright MLS survey of nearly 1,600 homeowners, 37% of those with fully remote or hybrid jobs indicated they would rather look for another job than go back to the office full time. That's because around half of those remote workers said they would either be forced to endure a long commute (26% of respondents) or even relocate (25%) if required to work in person.
"There was a surge in home buying in further-out locations when work shifted to home during the pandemic," Bright MLS Chief Economist Lisa Sturtevant said in the report. "As more employers end or significantly scale back remote work options, many are facing a decision about where to live versus where they work."
This situation isn't entirely new — in a Redfin survey from Sept. 2023, more than 10% of homeowners who planned to move in the next year said it was because they had to return to the office. But, similar to Bright's findings, a Realtor.com report noted that, in 2023, many workers "were likelier to search for a new job rather than a new home if they were forced back into their offices" given the tough housing market — something that hasn't improved much in the past year.
With remote work becoming less common, Sturtevant expects more demand for homes in or near central business districts, while the "far-flung markets where demand soared during the pandemic" will be noticeably weaker in 2025. The push to have more workers back in the office will also play a bigger role in where employees choose to live going forward, she said.
Older Gen Xers, boomers least willing to return to the office
The survey also uncovered a generational gap, with older workers more inclined to change jobs if faced with a return-to-work mandate. Close to half (43%) of the respondents who were over 50 years old and working remotely said they would resign or look for a new job before going back to the office full time.
In contrast, only about a third of younger homeowners were willing to quit, with 32% of remote workers in their 40s and 34% of respondents under 40 saying they would look for another job to avoid returning to in-person work.
Investors remain wary
Although more companies are attempting to bring employees back to the office, investor sentiment is still lukewarm, a new report from John Burns Research and Consulting shows.
According to the firm's Daily Fear and Greed Index, investors are more fear-driven when it comes to office space compared to other commercial sectors. Only 19% of those surveyed said they planned to increase their exposure to the office market, which has seen asset values decline 15% year-over-year.
For those with an appetite for risk, however, that signals a potential opportunity to pick up office buildings at a significant discount — an investment that could pan out if employers succeed in getting their workers to show up in person.