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  5. A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?

A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?

Abstract

This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to relocate to cheaper metro areas during the pandemic without forsaking their desirable jobs. We also show that WFH tends to flatten intracity house-price gradients, weakening the price premium associated with good job access.

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