If you’re working from home these days, you’re not alone. According to a recent Gallup poll, roughly 62 percent of Americans have worked from home since the start of the pandemic, and three in five of those would like to continue doing so.

For many, working from home has opened up new opportunities for homeownership. A report from Zillow indicates that increasing instances of remote work could make buying a home a reality for some 2 million renters. Since employees are no longer tied to their often pricey physical work locations, such as cities like New York and San Francisco, they can explore living in more affordable areas, making home-buying an option. With commuting costs also removed from the budget, renters may have more disposable income to put toward a down payment or monthly mortgage bill. 

This potential, says Zillow, has a lot to do with location and starter-home affordability. In San Francisco, for example, 22 percent of renters are priced out of their metro area, but they can afford monthly payments on a typical U.S. starter home (estimated at $725). Remote work situations make this scenario a real possibility.

"If remote work becomes a bona fide long-term option...that could reshape the U.S. housing market by opening up homeownership to people renting in expensive parts of the country," explains Zillow economist Jeff Tucker, stressing that proximity to work is just one of the factors people look at when choosing where to live. Other variables that may prevent renters from moving, despite the opportunity to own, include proximity to friends and family, cultural and natural amenities, and schools.

Who stands to benefit most from this home-buying opportunity? Millennials. Zillow research shows that millennials represent nearly half of the 1.92 million renter households who could afford homeownership if they had the flexibility to work remotely.