Remote Work Fuels Housing Frenzy in Cheaper Cities Around Boston
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Several housing markets within a 2-hour drive of Boston, including Manchester, NH, are among the hottest in the country right now. This could be due to remote work enabling more Boston workers to live further away.
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About 20% of Boston metro area workers are still working from home. Major employers like Square and PwC use hybrid and remote models.
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Home prices in these secondary markets around Boston are much cheaper than in the city itself. For example, the average home in Manchester costs almost $330k less than in Boston.
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There is evidence of migration from expensive cities like Boston to more affordable surrounding areas that allow remote work.
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These secondary cities have seen home prices jump over 10% in the past year, compared to just 2.6% growth in Boston home values.