NEW YORK (MainStreet) — Most consumers factor in the price of gas when deciding what car to buy, but a new survey suggests that rising gas prices may be affecting where consumers move as well.
According to Coldwell Banker, 75% of realtors say the recent spike in gas prices has influenced clients’ decision on where to live, while another 93% say if prices keep rising, homebuyers will move to a house with a shorter commute to work.
Realtors expect the high price of gas to lead more homeowners to forgo a home in the ‘burbs for an urban home closer to work. Case in point, 56% of realtors say they’re seeing more homebuyers get interested in urban living compared to five years ago.
A renewed interest in urban living isn’t the only effect gas prices are having on the housing market. Seventy-seven percent of survey respondents say more homebuyers today are interested in home offices, compared to five years ago, and 68% say they believe the high cost of gas is contributing to this work-from-home trend.
“The decision to buy a home has always been tailored around the personal, multi-faceted lifestyle needs of each buyer,” Jim Gillespie, CEO of Coldwell Banker Real Estate, said in a press release. “Today, rising fuel costs and a person’s decision to commute or perhaps work remotely are additional factors of the decision homebuyers must consider.”
The survey is based on interviews with 1,188 Coldwell Banker real estate professionals nationwide and was conducted between April 28 and May 3.
A costly commute isn’t the only way high gas prices can hurt your wallet. Learn the 15 ways oil prices will hit your budget on MainStreet.