Our Real Estate Blog

Housing cost with transportation cost

April 26th, 2008 1:42 PM by Lehel Szucs

We found this article and thought it was interesting how someone took the time to add transportation into the housing cost equation.  With gas being close to $ 4 a gallon, transportation should be a serious consideration when looking to buy a home.

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Groups Add Driving to Home Cost

The real cost of housing is significantly higher than we think when transportation is factored into the equation, according to a joint study by the Center for Neighborhood Technology and the Center for Transit Oriented Development.

These organizations have developed a database that measures affordability in 52 major metropolitan areas around the country. Its interactive maps show the cost of housing alone as a percentage of income and then the cost of housing plus transportation as an income percentage.

The farther from public transportation a community is located the higher its cost of living. In some cities, the cost of housing is less than 30 percent of income, but when transportation is added in the costs can be as much as 65 percent of income.

"Gasoline at $1 and gasoline at $3 are whole different worlds," says Dave Van Hattum, program manager for the St. Paul-based Transit for Livable Communities. "This (Web site) map brings it home to people."

Source: Center for Neighborhood Technology and St. Paul Pioneer Press, Bob Shaw (04/22/2008)

Just in case the link above did not work here is the website:

http://htaindex.cnt.org/

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Posted by Lehel Szucs on April 26th, 2008 1:42 PM

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