It's the modern home buyer quandry:
Do I want to pay more for the home to live closer work/school?
Do I want to pay less to live further away?
Lately I'm performing the following searches:
- Homes close to work/school (usually re-sale)
- Homes further away at bargain value pricing (often new homes)
- We look at each and calculate cost and time savings vs. expenses and time lost.
Each buyer is different- some will want to buy as much house as possible while others want less time on the road.
Wouldn't it be great to see a visual representation of home affordability vs. transportation costs?
The Center for Neighborhood Technology thinks so.
They've developed the Housing + Transportation Affordability Index.
This allows you to see each component separately or together.
Give it a try.
Chuck Willman is a real estate agent and founder of USAvest... a nationwide network of investment mined individuals with and interest in real estate.