Higher Gas Prices Influence Real Estate Buying Decisions

With gas being at an average price of $4.040 in Buffalo, NY and as high as $4.328 in Chicago, IL it is becoming a burden for people to have to drive their cars. When looking as Gasbuddy.com, a Website that shows the average gas prices per state and city, New York is currently 7th with the highest gas prices out of all 50 states.

According to a new Coldwell Banker survey this spike in gas prices is impacting where people are deciding to move. “Among its network of real estate professionals, 75 percent said that the recent spike in gas prices has influenced their clients’ decisions on where to live, and 93 percent said if gas prices continue to rise, more home buyers will choose to live somewhere that allows for a closer commute to their work.”

Many people are finding that with the gas prices continuing to go up their wallets are starting to become a lot lighter causing this problem is becoming a serious concern. With this thought many people are looking at the option of moving closer to work or even working from home.

Of the people surveyed who said gas prices were affecting their choice of where to live, 89 percent said the driving time and racking up miles on their way to work was the main reason for their decision. 45 percent are looking for homes that are closer to shops and stores hoping to reduce the amount of gas they use. A high percentage of buyers, 77 percent, are also looking for a place that can have an office in their home. There is also a 56 percent increase in the amount of people looking to live in an urban area as compared to five years ago.

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