Lots of hubbub over the past week or so about a topic I find fascinating- the changing housing landscape due to gas prices. Will all the suburbanites flock to the cities or do they love to drive too much?
MSN had an intersting article which showed even more evidence that city in-fill projects and shorter commutes are here to stay. Part of that article sourced this informal survey below.
Gas prices shape the hunt for homes
How important have rising gas prices been in how you think about where you want to live?
Very important 45%
Somewhat important 25%
Not very important 11%
Not important at all 6%
No change 13%
I, for one, see this as a great opportunity for places like the Gateway Quarter in OTR and even 1st tier suburbs like Oakley, Madisonville and Norwood. In these areas home buyers can find affordable housing and easier commutes to downtown. Take Oakley, for example, you could hop on the bus on Madison Road and be downtown to start your workday in about 30 minutes. At $1.50/trip, that’s $3.00 a day for 25 workdays in the month = $75. Or driving, assuming $4.09/gallon, 7.2 miles each way and .50/mile maintenance, it costs you $253 for the month- not counting parking. Obviously taking the bus makes sense but even driving is substantially cheaper than coming in from farther out communities like West Chester or Mason. Living in one of these closer suburbs doesn’t mean you won’t have the convenience of big box shopping wither- they have Target and Home Depot too. Now I don’t think the far flung suburbs are going away but I am seeing more and more people consider their commute and gas prices when they decide what communities they want to consider for their move.