Teleworking could enable Phoenix renters to become homeowners

People in the metro Phoenix area who have started to telework could potentially use the money they save from commuting to purchase a home.

BY PETER SAMORE

Sep 9, 2020, 4:45 AM Updated: 12:35 pm

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PHOENIX — Telework could help approximately 43,000 metro Phoenix families who currently rent make the jump to homeownership.

People can finance cheaper mortgages in “starter homes” with the money they would save from their commutes, without having to live in expensive areas closer to their offices, according to Zillow economist Jeff Tucker.

“These are basically people who are doing their job sitting at a computer, connected to the internet,” Tucker said.

Those who are likely to benefit are those work in management, finance and IT, and they have been doing that from home for the past six months since the coronavirus pandemic began.

Tucker studied data from the federal Bureau of Labor Statistics. Those 43,191 renter families make approximately 7.1% of all renter families in metro Phoenix area.

“It’s a pretty amazing thing to go from typical American 20- or 30- or even 45-minute commutes each way, down to zero,” Tucker said. “That leaves a lot more time for your family or time to get work done.”

Conversely, employers could also recruit nationally from a larger talent pool without having to move new hires.

“At Zillow, we just recruited a new member of my team,” Tucker said. “He previously hadn’t applied because he couldn’t move to Seattle.

“Now the ability to work anywhere has enabled us to hire that person.”