Gas prices make home buyers want to live close to work: study
Hmm. How best to put an original spin on soaring gas prices …
Rising gas prices are like the two morons from Harold & Kumar Go To White Castle. They’re high – everyone knows they’re high – and you’re sick of hearing about them. You just want them to go away.
And while they may soon (the national Canadian average price has gone down about six cents per litre since the start of May), that doesn’t mean pump reads haven’t gotten so bad they’ve already shaped our consumer behaviour.
According to Coldwell Banker, the high cost of gasoline has changed where home buyers are looking to buy property.
About 75 per cent of realtors said the recent spike in gas price has influenced their clients’ decision on where to live, while 93 per cent suggested that, if gas prices continue to rise, more buyers will be looking to buy homes that allow for a closer commute to work.
Now, in the short-term at least, gas prices aren’t likely to “continue to rise.” We have decades of historical proof that says a) gas prices have only been higher once in history (the summer of 2008), and b) after such inhumane spikes, pump reads almost always simmer down to a less alarming level in the subsequent months.
But forgetting that, there’s at least some chance that this isn’t just a sign of the times – a knee-jerk reaction to higher gas prices that’s likely to cease.
Much as the recession may have changed our consumer behaviours for the better (hey, look, people are paying their credit card bills again), perhaps the 2011 gas price spike will similarly alter our home buying patterns going forward.
According to the Coldwell Banker survey, while many buyers want homes close to work, about 77 per cent of realtors said clients are also much more interested in houses that can accommodate home offices than they were even five years ago. Nearly seven-tenths (68 per cent) said higher gas prices contributed to the increasing work-from-home demand.
More to that, fewer people want to do the old work-in-the-city, commute-from-the-suburbs thing anymore. Fifty-six per cent of realtors said more home buyers are interested in urban living – read: closer to work – than five years earlier.
How have gas prices affected your buying behaviour? Would you ever move, or consider buying a home closer to work, in a bid to save money on gasoline?
By Jason Buckland, MSN Money
*Follow Jason on Twitter here.
Posted by: Chip | May 21, 2021 7:08:23 PM
Totally dependant on whether individuals work in the downtown core area or not and also what type of transit system is available. Those who work in the suburbs will move to the suburbs... those who work "downtown" MAY move there. However, it is also obvious that downtown apartment rentals or home/condo purchases carry a heavy price tag and parking availability (should people still keep their car) is either minimal or carries a premium... and perish the thought you might have 2 cars. Better calculate how much gas you can actually buy with 25-50K.
Posted by: John | May 23, 2021 3:00:33 PM
Gas prices have never affected me in any way. I would never consider buying a house closer to work on the basis of gas prices. I just purchased a second home about 20 km further away from my town, and plan to move there permanently in about a year. I also would never purchase a car based on its fuel efficiency. I have a life. I certainly will not let the prices of one commodity affect it. If your lifestyle is seriously affected by gas prices, you need to re-evaluate your lifestyle.
Posted by: wheel balancing machine | May 24, 2021 2:36:59 AM
Selecting the correct oil filter is important. Different car models require different oil filters and generally are not interchangeable. Your car manual will have oil filter specifications.
Posted by: binder dundat | May 25, 2021 9:48:05 PM
of course, If you are in a profession where you know your job prospects are going to be in a certain area then move to that area. Not only due to gas prices but time as well. Unless of course you're a heavy hitter like John, then you may even buy a helicopter with a chauffer to get you to work.
Posted by: Troy Jollimore | May 27, 2021 10:30:04 AM
Echo that. 'John', be careful not to trip yourself up when you climb from your helicopter onto your frickin' YACHT... You have the money to buy a SECOND home and whatever kind of car you want? That's nice. Some of us don't have that luxury and strive just to have what you consider 'the basics'. And no, I actually DO have a fairly good job. My wife just doesn't have much of an income...
If we can even AFFORD a house due to the exorbitantly high home prices here (houses in the outskirts are now commanding almost as much as they do in the city, and are almost $100k more than they were not 5 years ago), it'll DEFINITELY be with gas prices in mind. The only place they have to go is up, although Electricity/Hydrogen might start replacing gas over the next 10 years...
Posted by: Chip | May 29, 2021 1:09:26 PM
Big Shot John is a designer for some big oil companies and he makes $320. per hour working a 12 hour/7 day per week schedule... yet still finds some quality "work related" time to post comments on a blog. His Big Oil subsidized salary equates to more than 1M per year. No wonder he doesn't have to worry about gas prices... probably gets free refills from his "bosses".
Posted by: plumbing | Jun 2, 2021 2:17:27 AM
I agree with the title. Gas prices make home buyers want to live close to work is true, specially when the gas price is low cost.
Posted by: Playmobil | Jun 27, 2021 9:11:53 AM
Buy the lowest grade or octane of gasoline that is appropriate for your car. Unless your car requires premium gasoline, filling up your car with high-octane fuel is a waste of money. That pricey premium fuel won't boost your car's fuel economy or performance in the least, so skip it.
Posted by: Double Glazing | Jul 9, 2021 11:53:37 PM
Gas prices are rising nowadays. It's really expensive. And because of that, a lot of people are now using bicycles when they are going some place.