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.
- Center for Neighborhood Technology [website]
- Driven to the brink - pdf [CEOs for Cities]
- Driven to the brink [CEOs for Cities blog]
This is pretty interesting stuff. Any way to mash that up with a map of recent foreclosures? I've been wondering if exurbia has been hit especially hard by the housing crash, and it seems like rising gas prices could kick those areas once they're down...
Posted by: Kate | July 14, 2008 at 10:47 AM
I knew I rode the bus for a reason.
Posted by: Silent Bahb | July 14, 2008 at 05:44 PM
My guess is that in the next 10 years, the City of Spokane's population will really increase, since more people will elect to live in town and not the suburbs and the downtown area will really have more to offer.
The Centers and Corridors plan will reinforce neighborhoods like Garland and South Perry.
Time will tell!
Posted by: dan/Spokane | July 14, 2008 at 06:01 PM
I'm not so sure about that, dan... Think about how many jobs now exist out in "edge cities" like Liberty Lake. Decentralization didn't just occur in terms of homes, but also in terms of workplaces. Sometimes suburban workplaces actually serve as the seeds of a new community.
It would be pretty surprising if suburban homes *and* jobs suddenly relocated to the city en masse. I suspect we'll see a concentration of growth and public amenities in suburban communities with high-performing workplaces. Along with urban revitalization, of course.
Posted by: Kate | July 15, 2008 at 03:19 AM
Probsbly manufacturing related or technology relatied jobs will be located in the suburbs, but with fuel prices increasing, they will need to provide more services and housing in those areas.
Downtown will have a higher concentration of office jobs. It also has entertainment and variety that doesn't exist in the suburbs! Also it services as the regional hub for the greater region that extends 200 miles out. People won't be traveling to a suburb for those activites. I know my commutes to the Valley have been reduced and my next car purchase with be in the City of Spokane instead of way out in Liberty Lake!
Posted by: dan/Spokane | July 15, 2008 at 05:02 AM