A tip from a reader led us to the topic of transportation costs and how drastically they've changed from 2000 to 2008. The reader supplied a link to a nifty calculator from the Center for Neighborhood Technology (CNT) that compares housing and transportation costs from 2000 to 2008 (sorry Spokane's not listed) for major metropolitan areas. Generally speaking, those residing closer in to the city center spend much less of their annual income on housing and transportation. Significantly less. With cheap gas prices, that 20 minute drive provided a nice, new, and affordable home. But now?
The images below were grabbed from a few queries we ran on the CNT calculator on the Seattle region. Commuters/Homeowners living in those far flung regions in King and Pierce counties are getting hit hard.
A study released recently by CEOs for Cities examines the connection even further and the author believes, as the images above appear to show, that "...the higher cost of commuting has already re-shaped the landscape of real estate value between cities and suburbs." Could the price pressures on commuters/homeowners in Spokane have a similar effect? Will inner ring neighborhoods be the new hotbed for families looking to get more out of their paycheck? Stay tuned.