The outbreak of Covid-19 at the beginning of 2020 shocked the whole world. It influenced all the sectors of national economies and eroded the years of progress towards achieving United Nation’s Sustainable Development Goals. As many countries went into lockdowns, operations of industries were limited. A lot employers were forced to switch their operations from office-centric work to remote work, and the requirement to live near the workplace for employees lost its significance. More than 1 year after the beginning of Covid-19 outbreak practices of work have not switched back to the pre-pandemic mode – a lot of employers still allow their employees to work remotely and it seems to be the “new normal”. The attractiveness of urban areas as a place for living is often determined by employment opportunities, but this attraction is taken away by remote work as employees are able to work from any place. Authors using literature review have discovered that housing affordability, taxes, real estate value, crime rates, proximity to family and friends, neighbourhood’s ecological parameters and education system are the main factors that influence housing preferences. As approximations about the end of Covid-19 pandemic are uncertain, nations could experience major shift in internal migration from urban areas to countryside as counterurbanization takes place. This shift could potentially reduce the gap in real estate values between cities and rural areas leading to overall socioeconomic and environmental benefits and promoting regional development.