Putting Down Roots: 6 Ways Homeownership Can Benefit Remote Workers

By Natalia Wolting • Jul 10, 2024

The rise of remote work has redefined what it means to have a career. Untethered from a physical office, remote workers enjoy flexibility, location independence and the ability to design their work environment. But when it comes to housing, the question of renting versus buying takes on a new dimension. While renting offers flexibility, homeownership can provide a unique set of advantages for remote workers seeking stability and a long-term investment.

1. Building Equity and Financial Security

One of the most significant benefits of homeownership is the opportunity to build equity. With each mortgage payment, a portion goes towards paying down the principal, increasing your ownership stake in the property. Over time, as home values typically appreciate, this equity translates into financial security. This is particularly valuable for remote workers, who may not have a traditional employer-sponsored pension plan. Remote workers, who may not be tied to a specific location for work, can leverage this benefit to their advantage. They can choose a home with the potential for long-term growth, knowing they're not restricted by future job relocations. If you decide to sell the house, you'll receive the accumulated equity, that can be used for retirement, further investment, or other financial goals.

2. Stability and Predictability in Housing Costs

For renters, rising rents can be a major source of stress and budgeting challenges. Homeownership, with a fixed-rate mortgage, offers greater predictability in housing costs. Once you factor in property taxes, homeowners’ insurance and potential maintenance - your monthly housing payment becomes more stable. This allows for more efficient financial planning and budgeting, which is crucial for any remote worker managing their income independently.

3. A Dedicated Workspace for Increased Productivity

Remote work often blurs the lines between personal and professional life. Renting an apartment might not offer the dedicated workspace needed for optimal productivity. Owning a home allows you to personalize a room or area specifically for work. This dedicated workspace fosters focus and reduces distractions, leading to increased productivity and a better work-life balance. Additionally, homeowners can claim a home office deduction on their taxes, further incentivizing the creation of a dedicated work area.

4. Customization and Control Over Your Living Environment

Renters often face limitations when it comes to personalizing their living space. Painting walls, installing shelves, or making minor modifications might require permission from landlords. Homeownership empowers you to customize your living environment to suit your needs and preferences. Whether it's painting the walls your favorite color, adding a pet door, or building a home theater, you have the freedom to create a space that truly reflects your personality and lifestyle.

Credit: Everything Home Design

5. Tax Advantages for Homeowners

Homeownership comes with a number of tax benefits that can be advantageous for remote workers. Homeowners can deduct mortgage interest, property taxes and certain mortgage insurance premiums from their taxable income, potentially lowering their tax bill. Additionally, homeowners can deduct the cost of improvements made to their property, further reducing their tax burden.

6. A Sense of Community and Belonging

Owning a home can foster a sense of belonging and connection to a community. As you invest time and effort into maintaining your property and improving your surroundings, you become more invested in the neighborhood as a whole. This can lead to stronger relationships with neighbors and a greater sense of community. Remote workers who may not have the same level of daily interaction with colleagues can benefit from this sense of belonging.

Lincoln County enlisted the help of the high school football team to help MakeMyMover Tasha unload her truck after moving from Tennessee.

Considerations Before Taking the Plunge

When deciding between renting and buying, remote workers should consider several factors:

  • Financial Situation - Assess your savings, credit score and long-term financial goals.

  • Job Stability - Consider the stability of your remote work arrangement and potential for career changes.

  • Lifestyle Preferences - Evaluate your desire for mobility versus putting down roots in a community.

  • Market Conditions - Research local real estate markets to understand the potential for appreciation or depreciation.

  • Long-Term Plans - Consider your five to ten-year plan, including potential family changes or relocation desires.

  • Work Requirements - Assess your need for a dedicated home office space and how that might impact your housing decision.

  • Location Preferences - Determine if you prefer urban, suburban, or rural living and how that aligns with your work and personal life. Research location relocation programs such as MakeMyMove to help you find a community that best suits your lifestyle preferences.

The Bottom Line

For remote workers seeking stability, financial security and the ability to create a personalized work environment, homeownership can be a rewarding investment. The decision of renting versus buying depends on your individual circumstances and long-term goals. Carefully evaluating your financial situation, desired lifestyle and future plans will help you make an informed choice that sets you up for success as a remote worker.

About MakeMyMove

Remote work has freed millions of Americans to live where they want, and many are making the move to places that better match their lifestyle. In turn, cities and towns across the country are offering incentives like cash, perks and programming to remote workers who move and work from their communities. At MakeMyMove, you can explore all the places, get personalized help to find the one that’s right for you, connect with locals, and access support to make your move a piece of cake.