The Economic Impact of Working From Home and Mental Health Benefits

The Economic Impact of Working From Home and Mental Health Benefits

Working from home has become very popular in today’s world, especially following the COVID-19 Pandemic. During the pandemic, numerous businesses migrated to at-home offices as a way to maintain operations and keep their workers employed.

As more and more people shift to home offices, there is a need for bigger homes. There is a connection to the 24% price increase in homes between November 2019 and November 2021 due to the fact that many house hunters are in search of homes with space available for home offices. “Researchers at the Federal Reserve Bank of San Francisco said Monday the work-from-home shift brought on by the pandemic may account for more than half of overall home price increases in the United States,” (Jamali, 2022).

“As employees spend more time at home and less time in the office, urban businesses including coffee shops, restaurants, taxi companies, barbershops, and gyms are seeing significantly less traffic and lower spending,” (Bove, 2022).

Routines are vital to success, and for many, stopping to get a coffee on the way to work is part of that routine. Similarly, going to the gym on the way home from work is part of that routine. Restaurants are seeing less traffic because working from home allows you to prep meals throughout the day, eliminating the stress of cooking as soon as you return home for the day. Working from home also allows you to dress comfortably, or in business casual, which will save money on the dry cleaning bill!

Looking at a direct impact on the economy, warehousing BOOMED as many bought new desks and office items to work from home. Shipping businesses have thrived throughout this shift of workplaces.

Working from home opens up a door that many will have a hard time closing, if the time comes to be working in the office every day. To start off strong, working from home enables a better work-life balance! There is less time spent commuting, which decreases spending on gas. Having the freedom to create your own work environment will lead to increased productivity and performance. When working from home, you have more control over the food you eat and the healthy lifestyle that everyone strives to live. (No more ordering out for lunch every day!) You can make lunch when you are hungry, not when your designated lunch break is. You have the flexibility to get up and take a walk when you need a break, or take your furry friend for a walk around the block!

Working from home has many benefits, as well as mental health benefits! A daily routine where you do not have to rush out the door in the morning decreases stress levels. Working in your home, where you are comfortable leads to higher productivity. Having more flexibility will enable you to live the life you have always wanted. The better work-life balance reduces anxiety, stress, and depression which leads to a happier life!

Working from home has impacted the economy in different ways, positively and negatively, but has also impacted each worker that had to make the shift to working from home.

Sources:

Bove, T. (2022, November 29). Remote work is changing the way you spend money and it could reshape your city to look more like a doughnut. Fortune. https://fortune.com/2022/11/28/remote-work-changing-spending-pushing-economic-activity-outside-cities-doughnut-effect/#

Jamali, L. (2022, September 27). Federal Reserve finds working from home has been a big driver of inflation. Marketplace. https://www.marketplace.org/2022/09/27/fed-finds-working-from-home-has-been-big-inflation-driver/#