This shift will be a welcome change for many employees, especially those who used to have long, arduous commutes. But those who go remote on a full-time basis will incur at least one cost: paying for extra workspace at home. Such expenses are not trivial. A recent working paper by Christopher Stanton and Pratyush Tiwari of Harvard University estimates that, between 2013 and 2017, American renters who worked from home spent roughly 7% more of their incomes on housing than similar workers who commuted to the office. Homeowners who worked remotely spent an extra 9% on their mortgage payments and property taxes.
Publication Date: 2 March 2021
Publication Site: The Economist