Shifting Populations and Remote Work Trends Give Borrowers More Options
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Thursday, April 14, 2022
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LAKE FOREST, Ill., April 14, 2022 /PRNewswire/ -- Twenty-four months after Covid-19 lockdowns began shifting work to hybrid and work-from-home models, only a third of U.S employees have returned to their offices, according to the Wall Street Journal. As employees realize they have expanded options on where they can live, there has been a push out of city centers where buyers can get more home for their money.
Key Points:
- While these trends affect major coastal cities like New York and Los Angeles, the movement can be seen in the towns across the Midwest as well.
- "I have seen massive growth in the counties surrounding Indianapolis," said Jennifer Goldsby, VP, Renovation Lending at Diamond Residential Mortgage Corporation .
- The rise in flexible work options and locations has also led to an increase in the gig economy.
- "These borrowers don't typically meet standard eligibility requirements for traditional loan products," said Kris Brian, SVP of Mortgage Products at DRMC.