Nevada City Virtual Tour

Monday, May 2, 2011

nevada county gas prices

Nevada County Gas Prices
and the effect on your home buying process.

  • Before you sign on the dotted line for that apartment or home whose great price you just can't pass up, make sure you've figured out how your new location is going to fit into your life.  It might just end up costing you more in commute costs as affordable housing moves from the urban cores to the suburbs.

  • A new study by the Center for Neighborhood Technology has found that a growing number of communities that are considered affordable aren't quite so affordable when transportation costs are factored in to the median income.

  • Its analysis of 377 metropolitan areas, which includes 161,000 neighborhoods and 80 percent of the U.S. population, found that even though seven out of 10 U.S. communities are considered affordable, that number decreases to two in five -- or 39 percent -- when transportation costs are included in the mix.

  • Housing is considered affordable if it costs less than 30 percent of household income, and the analysis ups that to 45 percent when transportation costs are added in.

  • But considering that transportation is the second-largest household expense next to housing, it often costs more than the allotted 15 percent of the budget.

  • The Center for Neighborhood Technology actually found that the portion of household income most people spend ranges from 12 percent in walkable communities with sidewalks, nearby stores, and public transportation to 32 percent for those who have no option but to drive long distances to get anywhere.

  • When communities have few transportation options and require driving long distances for basic necessities, already stressed household budgets are very vulnerable to spikes in gas prices and rising transportation costs," said Scott Bernstein, president and founder of the center.
Gary J. Tippner REALTOR® 
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