If you're trying to buy a home, affordability is probably what keeps you up at night. And as you watch mortgage rates tick up again lately, it’s fair to wonder if you should just hit pause and wait for them to go down.
For now, though, they’re headed the other way. Mortgage News Daily data shows how rates have risen this year.
For most first-time buyers, the hardest part of buying a home is making the numbers work. You budget, you save, and the finish line still feels far away.
But your salary is only half the equation. Where you live shapes what you can afford, too. And if you can work remotely, you have an advantage that a lot of buyers don't.
You're not tied to living where the jobs are, so you can look where your money goes further.
Remote job openings are on the rise. According to FlexJobs, remote job postings climbed 22% from the quarter before. That’s the second quarter in a row of double-digit growth.
More remote roles mean more people can choose a home base around the life they want to build. As Forbes puts it:
“Remote employees, freelancers, consultants, entrepreneurs, and business owners have the flexibility to choose a home base based on the life they want to build, whether that means more space, a lower cost of living, better access to nature, or simply somewhere new."
And you can use that freedom to look somewhere more affordable.
Your cost of living – what you spend on housing, groceries, utilities, and the rest of daily life – varies a lot from one state to the next. In some, according to data from Extra Space, it runs far enough below the national average to change what you can afford (see map below):
Take Mississippi, for example, where the cost of living sits about 17% below average, or West Virginia at roughly 15% below. When day-to-day life costs less, you can put more of your income toward your goals, homeownership included. Relocate Right describes it this way:
"Remote work has fundamentally changed the calculus of where to live. When your employer is in San Francisco, but you can work from anywhere, the question is no longer 'where are the jobs' but 'where does my salary go furthest and what kind of life can I build.'"
For a first-time buyer, working remotely could be a chance to put down roots and finally buy. Because with that kind of flexibility, you get to choose where to live and which places work best for your life and goals.
A lower cost of living is a great start. But it’s also important to consider the things a budget spreadsheet won't show you, because a place can look like a great fit on paper and still not feel like home.
Is the internet fast and steady enough to do your job without interruptions?
Will it be easy to make friends and settle into a routine once you arrive?
Does it have the amenities you want, like public transportation or decent takeout?
This is where a local real estate agent comes in. They can help you weigh a big move against a nearby one, because every state has more affordable pockets. Sometimes they’re closer than you think.
An agent will know which neighborhoods fit your budget and have the features you're after, whether that’s walkability, good restaurants, parks, or a nearby farmer’s market.
With remote work, you can choose where you live instead of your employer. And that puts more affordable places within reach.
Want to explore where that could take you? Let's connect, especially if you are seeking an outdoor lifestyle that Maine has to offer. Bring your work with you, as you can easily live, work, and play right here.
Cates Real Estate | 207-701-5600 | [email protected]
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