'Work from home' could cause younger workers to change homes
Will the slow recovery from the coronavirus pandemic actually help New Orleans? One financial expert believes it could put the city in a position to take advantage.
Some workers have realized that if they truly can work from anywhere while taking part in videoconferences, then paying huge amounts of money to live in New York, L.A., or San Francisco is just throwing money away
"So we're beginning to see some migration of people that could live anywhere saying, 'you know what? New Orleans is looking pretty good,'" said Gulf Coast Bank and Trust President Guy Williams.
Williams said with the money saved, these workers can afford to travel if a face-to-face is required, or if they just want to go back to their former city as a visitor, and not have to deal with expense of being a resident.
"You can actually own your own home and with the savings, you can still afford to go back to Manhattan twice a year," Williams said, "but you'll be a homeowner, and you'll have a better quality of life, particularly now."
And even if those workers eventually have to move, he says they have equity they can sell, or keep as an investment.
