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.”
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.
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