In the September issue of New Homes, Peter Skosey of the Metropolitan Planning Council reminds buyers to look beyond the price of a new home and to consider all the additional costs that home’s location could create.
When most people shop for a home, their minds are on financing and floor plans, not the details of their daily commute. They’ll look up the local school system’s report card, but they probably won’t test drive the area roads at rush hour. Many will value a garage or indoor parking spot, but never consider that the bottom-line cost of their new home includes what they’ll spend driving to and from work, the grocery store, and soccer practice every year.
The reality is each rush-hour driver in Chicagoland loses nearly $1,700 a year while sitting in traffic, according to a new report from the nonprofit Metropolitan Planning Council. Rising gas prices snag the headlines, but wasted time accounts for almost $1,600 of the price tag.
Homeowners who look beyond the picket fence – and down their driveway – can see growing gridlock means more time, fuel and, ultimately, money out of their pockets. For the first time in modern society, transportation and housing are neck-and-neck for the top two household expenses.
Read all of Peter Skosey’s column for New Homes.