Need for Workspace Is Driving Home Purchases
October 28, 2020
More Americans than ever are working from home. But how they’re creating their at-home workspaces differs by gender and generation, a new study from LendingTree shows.
Overall, the survey found that the groups most likely to work remotely in the pandemic include Generation X, men, Northeasterners, and those who earn an annual income of at least $100,000.
But renters and owners who lack suitable space for work are increasingly seeking to move. Of the respondents thinking about moving within the next year, 27% say it’s to get different features in their home, such as office space or a bigger kitchen.
“The demand for home office space—and space in general—is driving up sales of larger homes faster than smaller homes,” said Tendayi Kapfidze, LendingTree’s chief economist.
The study, based on more than 2,000 respondents, finds that men are more likely to have a dedicated home office space than women. As such, men tend to be more likely to express satisfaction with their remote workspace than women (72% versus 47%).
Younger adults tend to need to be more creative as they carve out their workspaces. More millennials and Gen Zers work from their bedroom or living room than baby boomers and Gen Xers, the survey found. Nearly half of millennials say they’re working from their bedroom, living room, or kitchen table.
The majority of renters tend to work from a living room. As such, homeowners tend to be more satisfied with their work location than renters (75% versus 44%).
Updated: November 30, 2020