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Boston Real Estate News

As gas prices rise, why not move closer to work?

Posted by Doug Miller on Thu, May 26, 2011 @ 10:05 AM

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According to a recent study posted on Boston.com, the rising price of gas is making home buyers think about living closer to work. I think its also because people are realizing that they don't need all the space they currently have, especially empty nesters.

Home sales around the 495 corridor are down significantly, especially in contrast to homes sales around the 128 corridor and those inside Boston city limits.

According to Boston.com of a dozen communities along the 495 corridor all but ONE saw declines less than 10%. Five of these communities saw declines over 20%. In contrast, only 4 of 8 communities along the 128 corridor saw double digit declines.

Why is this happening? I think its due to two things: Rising gas prices and peoples realization that they don't need a TON of space.

Lets face it, most people don't NEED all that space they currently live in. While they may be living within their means, its beyond their need. While space is certainly desirable (trust me, I'm in the process of looking for more myself), you have to weigh its benefit against the added cost of a long commute. I think many are finding they'd sacrifice space to save money on gas.

With gas prices over $4/gallon across the state the price of commuting is thinning wallets from Littleton to Plainville. Package this with the fact that most of your commute is spent in gas guzzling bumper to bumper traffic it makes financial sense for many to move closer to work, even if it involves downsizing.

If you are considering moving closer to work, you'll be happy to hear that according to MLS (the largest listing service in Massachusetts), both Norfolk and Suffolk counties are still considered "buyers markets."

I write this article hoping most of you work in or close to Boston. If you are thinking about downsizing please reach out to us for help! Even if its just a consideration at this point, feel free to contact us to discuss your options. We are happy to just talk.

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Topics: Current Economy, Purchasing a Home, Real Estate Market, Boston