High mortgage rates create a housing lock-in effect—homeowners with low rates can’t afford to move. Could this force employers to embrace remote work as talent becomes geographically immobile?

Trying to sell my own property, I’ve experienced this firsthand. Moving means either accepting a significantly higher mortgage rate or selling below market value—both representing massive financial losses.

The Numbers

  • Mortgage rates hovering around 6.7%—nearly double what many homeowners locked in during 2020-2022
  • Home sales at 75% of normal activity for three consecutive years
  • 76% of mortgage holders have rates at 5% or lower, creating massive disincentive to move
  • Median home prices at all-time highs ($435,300 nationally)

The Question for Employers

When the market’s talent can’t afford to relocate to your headquarters, what do you do as an employer? You adapt. You could go remote.

Are We Seeing This?

Are we seeing anything to confirm this? Have housing costs influenced your career decisions lately?