This job was on-site, so there was no choice but to live here. And by "here" I mean a 60- to 90- minute commute, both ways.
Now? My job is 100% remote, and any job I would consider would have to be 100% remote. Assuming this trend continues, I think we'll see an exodus from high cost of living areas to (slightly) smaller towns.
People are still going to want to live in places that have services, entertainment, and so on, so this isn't going to gut cities, but it will make living in the sticks more plausible.