A handful of us during the lockdown days of the pandemic became homebodies and binge-watchers while for the ambitious types, their businesses recorded their strongest annual results ever, got into the best shape of their lives, and squeezed in every possible Peloton ride to not waste any precious time at home.
Such an overachiever!
As a student immersed in Zoom school at the time, I was fortunate to have a good 10–15 hours of extra time on my hands not commuting for ~2 hrs a day downtown and was able to pick up on a variety of side gigs and hustles to keep me busy! I finally became a true business owner in 2020 with recurring cash flow.
After staring for years at my running bucket list on my bedroom wall, I would’ve never thought the lockdown days of the pandemic would be the most opportune time to finally tackle what I never thought I could embark on.
Ironically, becoming a personal finance blogger, volunteer, mentor, and entrepreneur was possible at home with the time, energy, financial savings, and focus at home. Never doubt what can be possible with your imagination.
As millions of eager first-time potential homebuyers sprang out of bed eager to finally move out during the start of the pandemic when inventory levels were at elevated normal levels and shopping for a dream home didn’t cause a bidding war where you wouldn’t even have time to tour a couple of open houses, take your time and instead forced to sign the deal over the phone and pay 3x listing price in an all cash-deal that you never intended, now a good chunk of these rushed homebuyers are regretting the most expensive purchase of their lives and moving back in with mom and pop or renting out their property all together while rents are soaring and remote work is fierce.
Although the real estate market ebbs and flows like any other relative asset class, as a less volatile asset in itself, real estate takes time to register the behavior and action of the housing markets since inventory levels tend to lag alongside higher borrowing costs mortgage borrowers slowly feel the effects from.
As a result of this convenient delayed timing, modalities, and styles of working, most prominently remote work which has risen to fame during the pandemic and is poised to stay afloat for the foressabl future, at least in several industries such as fintech, tech, and believe it or not, real estate itself with no-show open houses, and virtual showrooms, the best cities for remote work are getting maxed out more than ever before as Americans and foreigners from overseas reassess their lives in a holistic well balanced manner.
After all these past few years we’ve discovered only during a pandemic that we can in fact be productive at home and still get a lot of work done. Of course with exceptions and limits.
As they say, from the markets to staying home to prevent cabin fever, moderation is key!
The Top Cities For Remote Work
Remote work affords workers unique opportunities that we once thought weren’t possible, most evidently being able to work whenever, whenever, or even better, save on income, state, and property taxes while working in a role you love!
If your financial health is top of mind, I’m confident you’ll be smarter and work better across the board. You must watch out for yourself in order to live a financially secure and free life in and outside of the office. After all, being financially free really boils down to time savings and how much you’re able to do in your own time frame.
Although we can pontificate all day whether remote work will stay or not, if there’s something for sure, it’s that it is not cooling down anytime soon. As prominent Wall Street firms headed to Miami to soak up the sun and enjoy the tax savings in 2021, local business across various industries based in the Heartland and Sunbelt got a boost as well.
Since coastal cities are ranked lower in the charts for being most responsive and or open to remote work, time and cost savings on laibilities such as taxes are the main contributor for folks to migrate down to more remote-friendly areas.
According to a study by LawnStarter by the New York Times which recorded 200 of the largest U.S. cities to pinpoint the best and worst places for remote work that you most likely won’t be surprised by especially since the highest paid jobs in America which directly correlate to higher home prices, most notably in San Francisco and New York were ranked at the bottom of the list while down south in the west and on the east coasts in suburbs of Texas and Florida, both states that do not have income tax, were awarded the most points for larger backyards, more convenient modes of living such as with higher internet coverage, and even more affordable costs of living with home, rent and taxes as well.
Not to drag out the bad news, just keeping an open perspective here, considering all factors of living outside of just costs, considering relationships, opportunities, experiences, etc. that you may not normally consider when basing a decision solely on remote work are important to keep in mind as well.
According to the NY Times and this study, Plano, Texas was ranked at the top for remote work versus Santa Ana, California, the lowest. I would be curious to check out these places as a weekender trip and observe the differences in the way of life in these locations.
Although weather plays a heavy role in the way people live, feel, and work, I’m interested in their economies and whether these areas in Texas and California clearly differentiate the types of residents, kinds of businesses, and way of life there or if it’s not noticeable. Just like with any first or third round property, invisioning yourself as a local anywhere is important before making that leap.
If you are offered the luxury of choice from anywhere, it doesn’t hurt to take a peek at what life is like in these areas on the top of the list to see where you can best picture yourself!
If we’ve learned anything from the pandemic, it’s that nothing is permanent so it never hurts to explore.
Happy Zooming!