MReport November 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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54 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA How Americans Are Converting Home Spaces into Workspaces Working remotely is becoming mainstream, but who is most likely to have a dedicated office space in their home? T he pandemic has com- pletely changed how many people can work across the country, and working from home is quickly becoming mainstream. According to a LendingTree sur- vey, 47% of those who responded to the survey claim they are now working remotely. The top three spaces for working from home were dedicated office spaces (42%), living rooms (19%), and bedrooms (18%). Eight percent of respondents said they used shared office space, while 7% of Americans worked from their kitchen tables. About 3% were using a guest room to work, 2% said they worked outside, and 2% worked elsewhere in their home. Homeowners are more likely than renters to work mostly in a dedicated office area than renters, who mainly worked in their liv- ing rooms. Among homeowners, 75% said they were satisfied with their work-from-home situation, in contrast with 44% of renters. Americans who are most likely to work remotely are "members of Generation X, men, Northeasterners, and those with an annual income of at least $100,000." Men were 60% more likely than women to have a dedicated office space in their homes and were more likely to be "completely satis- fied" with their work-from-home space. The survey also found that white Americans were more likely to have a dedicated office space. The findings show that 52% of white remote workers had a desig- nated office space compared to 27% of Black workers, 23% of Latinos, and 23% of Asian remote workers. While 50% of Gen Xers (ages 40 to 54) and 56% of baby boomers (ages 55 to 74) said they have a formal office area in their homes, 48% of millennials (ages 24 to 39) reported working from the living room, bedroom, or kitchen table. Over 25% of Gen Zers (ages 18 to 23) said they mostly worked from their bedrooms. Having the ability to work from home is leading some Americans to reconsider their living situation. According to the survey, 27% of those who responded claimed they were considering relocating to a new house or apartment within the next year while still staying local. Among those who said they were thinking about a change of scenery, 27% said they were looking to move into a place with a larger office space or kitchen.

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