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A new era is here. Working from home is the norm for many people — a trend that accelerated when the COVID-19 crisis drove millions of workers out of the office.
- Big tech companies like San Francisco-based Salesforce, Google, Twitter and Facebook told employees to work from home for the rest of 2020 and beyond.
- A survey from YouGov, USA Today and LinkedIn found 74% of professionals ages 18 to 74 said they're now working from home.
- A Washington Post-Ipsos poll found that nearly 6 in 10 Americans working outside their homes were concerned they could be exposed to the virus and infect their household.
While the sudden change in work conditions may be challenging, it also brings new flexibility, allowing people to reconsider their living situation. In fact, when millions of Americans were told they must work from home, it turned out many didn’t want to stay in their primary residences.
For example, when non-essential workers were told to stay home in early 2020, Californians left urban centers in droves for more rural hideouts, putting intense pressure on short-term rentals. Data from AllTheRooms.Analytics found that Golden State residents living in big cities flocked to vacation areas or smaller cities, including Geyserville, Wells, Larkspur, Beaumont and Nice.
Likewise, people who already owned second homes in top markets like Napa and Lake Tahoe in California, or the Long Island Hamptons in New York, left the city to hunker down in homes with more fresh air and fewer people.
This shift to remote working is creating even greater opportunity for people to think outside the box, and it coincides with data showing millennials are leading the way in combining work and vacation time.
A recent study by the U.S. Travel Association shows that 40% of millennials said a “workcation” is appealing as a way to be able to work in a vacation or destination spot without it counting against their paid time off.
With many offices off-limits and work-from-home orders in place, more Americans have started to re-imagine where they can work and enjoy life by asking themselves:
- If I don’t need to commute to the office from my primary home, where and how do I really want to spend my time?
- If I don’t want to be dependent on the short-term rental market, how can I secure a safe and work-friendly second home?
- If my family has more time to spend together, how can I find a place where we can relax and work?
A small percentage of Americans have the ability to own a second home outright. Many more would like to own a second home but can’t afford the down payment and cost of maintenance for sole ownership. There is another option.
Pacaso offers a new and smarter approach to owning a second home. It’s called co-ownership. It’s an ideal option for people who want to minimize costs and overhead while maximizing the flexibility that comes with the new work-from-home reality.
Homes are owned by a maximum of eight vetted owners, and all owners agree to a code of conduct enforced by Pacaso. Each owner gets at least six weeks of sole usage and — the best part — the retreat is for owners and their guests only. No third-party rentals are allowed.
This co-ownership model delivers stability and peace of mind, and in a rapidly changing world, this option may be priceless.