How the Commute Can Factor Into a Home's Value
Transportation is a significant factor in the way people choose to live. It can also affect how much they are willing to pay for a home. This blog post will explore how the commute can factor in to a home's value and why it should be considered when buying or selling a property.
Faster commute, and what does it mean for a home's value
In a broad sense, the commute is any geographic distance you'll have to travel to get from your home to work. It can also be defined as the time it takes for someone who lives outside of their city's limits (for example, living in Portland but working in Salem)
The average American spends about 55 minutes commuting each day, but that's not the case for everyone. Commutes can vary in length depending on where you live and your mode of transportation
In a study conducted by MIT economists Edward L. Glaeser and Matthew E. Kahn, researchers found that people are willing to pay more for their home if they have short commutes than if they have long ones
In a study, Glaeser and Kahn found that a one-minute commute saves people about $100 per month. That's an extra $1200 in annual savings for those with shorter commutes
The impact of a long commute on your home's value
When it comes to your commute, the faster, the better. Indeed, a one-minute commute can save people about $100 per month. That's an extra $1200 in annual savings for those with shorter commutes. When you consider these savings in conjunction with what you're willing to spend on a home, it's clear why your commute is so important.
Several factors can also affect how we live and how much we're willing to spend on a home. The amount of time spent commuting is not something to overlook when you're looking at buying a new home.
How commuting affects your quality of life
An increase in commute time is also correlated with a decrease in sleep. The more you commute, the less sleep you're probably getting. In addition, commuting can cause chronic stress and hard feelings among family members.
To combat this, it is important to take public transportation if possible or equip your car with tools that provide increased comfort for long commutes. These include electric vehicle chargers, windows that are tinted for better sunlight management, and support devices like heating pads and lumbar pillows.
Considerations when buying or selling a property how much should we factor in the commute when looking at homes nearby our work place/schools etc.?
Some considerations when buying or selling a home is how far away it is from your workplace. Another consideration would be the commute time and if you are willing to spend more money for this property because of that. It's important to consider what someone will pay as a mortgage and gas, car repair bills, etc.
The commute is a major factor in how people choose to live. It can also affect the amount of money they are willing to spend on their home because while living closer might mean you have less time for work or study, it will save you time and money when paying your mortgage each month.
In conclusion,
The commute to and from your home should not be taken lightly. If you are looking for a new property, take the time to consider how long it will take you to get there every day before making an offer on that house. And if you're in the market for selling your current one, make sure potential buyers know about the drive they'll need into work or school each morning so they can make informed decisions about which properties might best suit their needs. We want everyone's quality of life to improve with their move - we have agents ready and waiting right now who would love nothing more than helping you find a place where all aspects of your lifestyle flourish!
