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Which U.S. Metros Sit in the Crosshairs of Remote Work Migration?
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In the first episode of Season 4 of Core Conversations, Host Maiclaire Bolton Smith and CoreLogic Chief Economist Selma Hepp dive into the aftermath of the pandemic's influence on migration patterns and how remote work has reshaped the housing landscape.
While the pandemic may no longer dominate headlines, it continues to exert its influence. Remote work opportunities flourished, prompting an exodus from high-cost coastal metros to more affordable regions. This migration then spurred home price inflation across the country, while also altering income distribution, patterns of gentrification and urban sprawl.
The consequences for major cities are profound. Already, large metros have been presented with challenges in retaining high-wage workers, navigating shrinking tax bases and facing declining home prices. Conversely, smaller towns have experienced upticks in wages and local spending.
This episode explores the ripple effects of these changes, discussing how cities like San Francisco and New York are adapting and how smaller, more affordable metros are seizing opportunities. Similarly, going forward, it will be critical to ponder the long-term consequences of remote work on cities' functions and how they can reinvent themselves.
- LinkedIn Remote Work Study
- Fannie Mae study: Remote Work and Housing Location Preferences
- Selma Hepp's Op-Ed on pandemic migration
- Read CoreLogic Intelligence
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In This Episode:
2:29 – What is "pandemic migration" and how did remote work enable this trend?
4:05 – Will there be any long-term consequences for cities and towns from remote work migration?
7:06 – What are the economic and housing market implications of migration to more affordable areas?
10:28 – Erika Stanley goes over the numbers in the housing market in The Sip.
12:13 – What is the future for America's high-price cities and tech hubs?
16:11 – How will migration influence the future of small towns?
17:33 – Erika Stanley reviews natural catastrophes and extreme weather events across the world.
18:40 – How have U.S. home prices fared in the face of this continued migration?
22:44 – How have high interest rates affected migration trends and home prices?
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