![]() In Sierra Nevada, the Lake Tahoe region is seeing a boom of 50% in real estate prices relative to last spring. Combining the name of the Zoom video conferencing app with the term 'boom town,' journalists dubbed these quickly-growing. During the COVID-19 pandemic, journalists noticed that many newly-remote workers were moving out of cities and into less-urban areas. According to figures published by Bloomberg, property prices have risen by around around 25% in just one year in the Hamptons, which until now were chiefly seen a summer vacation destination for New Yorkers. A Zoom town is a small community that is growing quickly due to the rise of remote work. ![]() ![]() This migration towards greener pastures is unsurprisingly having an effect on real estate prices. Online real estate agent Zillow estimates that around 2 million renters, whose jobs allow for remote working, could soon be looking to buy homes in these locations.Īnd this figure doesn't necessarily refer only to older people. According to Zillow, millennials - the generation born between the beginning of the 1980s and the middle of the 1990s - represent a large proportion of potential future buyers, with an average age of 38. The neologism refers to communities in close proximity to nature, like a water body, a ski resort, a national park or other scenic natural features, and which are usually seen as vacation spots. Throughout the country, these towns have common characteristics. Youve seen the headlines about remote workers flocking to rural Zoom Towns. Telecommuting has enabled greater housing choice with many employees no longer tied to physical offices. Position your town for the future of remote work in this 31 minute video. Not every small town is a "Zoom town," however. Born from the need and ability to telecommute, Zoom Town is the latest moniker for locales that have become more populated as a result of increased work-from-home capabilities.
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