Remote work drove more than 60% of soaring home prices, Fed study finds | app

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The shift to working from home has caused more than half of the increase in house prices and rents during the pandemic and will likely drive up costs and inflation in the future as the change becomes permanent, according to a researcher. Federal Reserve Bank of San Francisco study.

“The transition to remote work due to the COVID-19 pandemic has been a key driver of the recent surge in housing prices,” said San Francisco Fed economists Augustus Kmetz and John Mondragon and Johannes Wieland of the University of California, San Diego wrote in a note released Monday.

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