Freed from traditional offices, remote workers are relocating all over the country, fueling “Zoom booms” in remote towns.
In Crested Butte, CO, the new influx is leaving locals with nowhere to live, prompting the town to declare a housing emergency.
3 Comments
It’s the cheap loans, not the zoomers. Look at it this way. You have a house that’s worth $800k, you owe $500k which you pay a 30 year fixed rate of 5% (about 4-5 years ago the going rate). Now, you can refinance that balance for 2.5%, and boom, your mortgage is basically half of what it was before. Then, you decide to borrow against your house and take some money out to buy a second house. Now your payment is back to what it was 4-5 years ago, only you have enough money for two houses with basically the same monthly payment you had 4-5 years ago. THAT is what is driving the real estate market higher-cheap loans. Stop blaming the zoomers.
No boom about it, more like bust as these tiny towns are destroyed.