Question Details

The_Bayou, Other/Just Looking in Newton, MA

One Gallon Commutes - Are they becoming more popular?

Asked by The_Bayou, Newton, MA Mon May 19, 2008


As gas prices rise, are you seeing more demand for homes within 10-15 miles of major cities/job centers? I would guess that active home buyers would start looking for homes closer to their place of employment as the cost of commuting goes up. If you have seen this, to what extent? If not, do you expect it to happen to a noticeable degree?

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From today's New York Times article "Fuel Prices Shift Math for Life in Far Suburbs":

"In Atlanta, Philadelphia, San Francisco and Minneapolis, homes beyond the urban core have been falling in value faster than those within, according to an analysis by Moody’s"

"More than three-fourths of prospective home buyers are now more inclined to live in an urban area because of fuel prices, according to a recent survey of 903 real estate agents with Coldwell Banker, the national brokerage firm."
0 votes Thank Flag Link Thu Jun 26, 2008
Personally, I don't think that the true impact of gas costs have hit the home buyer. The request to be close to one's work has not been on the top of my customer's list. We are in an area with little or no public transportation and a 20-50 mile commute each way is not unusual. At this point having a job to go to is uppermost in buyer's minds, but I think that will change in the future. Planning and zoning boards will have to approve more commercial and industrial and residents will have to accept it "in their backyards". The cost of fuel is making many lifestyle changes for all of us.

Mary Muldowney, Prudential Network Realty, Ponte Vedra Beach, FL
0 votes Thank Flag Link Mon May 19, 2008

Have you had any buyers discontinue their house hunt in certain areas because of gas prices? If so, are you able to get a sense as to what distance buyers are finding acceptable, e.g. 10 miles, 15 miles, etc...
0 votes Thank Flag Link Mon May 19, 2008
The cost of gas and travel distance between home and work is factoring more than ever into the thinking of today's homebuyers. Good news for properties closer to downtown and suburban business centers--and not such good news for properties in communities w/extended commute times and those off commuter rail lines. We'll likely also see a spike in tele-commuting--although I'm not sure it'll have much of an impact of home values.
0 votes Thank Flag Link Mon May 19, 2008
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