By Jodi Summers
A recent Coldwell Banker survey revealed that 77% of participants are interested in having a home office compared to five years ago. Of those respondents, 68% said the high cost of gas is one reason behind the trend.
“The decision to buy a home has always been tailored around the personal, multifaceted lifestyle needs of each buyer,” said Jim Gillespie, Coldwell Banker Real Estate’s CEO, in a statement. “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 light rail will facilitate Los Angelino’s desire for an easier, more economical way to work. There is proven increased enthusiasm for city living and the ability of “having everything at your fingertips” (91% strongly agreed or disagreed), “being able to walk to places” (76%), and “being near public transportation” (52%).
“There are deep expectations among Americans that this volatility [in fuel prices] will continue,” shares David Goldberg, communications director for Smart Growth America. “Combine that with an aging population and a drop in household size, and all signs point to a desire for more convenient locations with transportation options.”
81% of respondents said a desire to reduce gas spending was a factor in moving to a more convenient neighborhood, and 93% agreed or strongly agreed that the desire for shorter commutes was a factor.
“…What you’re seeing now is the result of pent-up demand for mixed-use, urban housing near jobs, and transit. The market pendulum is swinging from drivable suburbanism to walkable urbanism,” concludes Ed McMahon, a specialist on sustainable development at the Urban Land Institute.
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