Commuting Costs And Home Buying: How Do They Relate?

February 3, 2016

Long commutes are no fun. Everyone knows that. Sitting in traffic or spending an extensive amount of time in a car every day can add hours to a work week, not to mention the costs associated with a longer commute. So it is no wonder a growing number of homebuyers are citing the reduction of commuting costs as a very important factor to them when it comes to buying a house.

In fact, 30 percent of respondents to a National Association of Realtors study said they purchased a home to reduce commuting costs, according to the Economists’ Outlook Blog. Segmenting this group even further shows that 64 percent of buyers purchased their home so it was convenient to their job and 23 percent said they compromised on the price of the home to be geographically closer to work.

Proximity to work was the single most important factor to buyers when selecting a neighborhood.

Read more

Comments

expand_less