A survey from LendingTree has found nearly half of the American workforce are currently working out of their homes. However, within that number are significant disparities regarding the home-based workforce.
The survey, which polled more than 2,000 adults between Sept. 4-11, found men working remotely were 60% more likely than women to be using their own dedicated office space within their residence, while 72% of men were completely satisfied with their remote work space versus 47% of women.
The lack of a dedicated workspace was particularly acute for millennials, with 48% of respondents in this age demographic stating they were either working from their bedroom, living room or kitchen table. Homeowners were primarily working from a dedicated office space from within their residences while most renters turned to their living rooms into workspaces.
The survey found 52% of white workers were more likely to be working out of their own dedicated office space compared with 27% of African Americans, 23% of Hispanics and 23% of Asian Americans. Work from home set-ups were more prevalent in the Northeast (60% of respondents) versus the West (44%), South (42%) and Midwest (39%).
And some people are thinking of getting another space to accommodate the home and work balance. More than one-quarter of survey respondents said they”™re thinking about moving within the next year with dedicated office space being among the home features on their checklist.
“The demand for home office space ”“ and space in general ”“ is driving up sales of larger homes faster than smaller homes,” said Tendayi Kapfidze, LendingTree”™s chief economist. “Price increases accompany the increase in demand and this erodes some of the benefits of low mortgage rates. To maximize buying power, it”™s even more important for home shoppers to compare mortgage offers from a variety of lenders.”
