How much do commute times impact a home’s value?

In a congested region like King County, there is quite a premium placed on getting to work efficiently. One analysis found that New Yorkers will pay $56 a month to trim one minute off their commute. According to the US Census, Americans ranked having a short commute second only to low crime rates when it came to determining where to rent or buy a home.

Living close to job centers can be pricey—but fear not! Public transit can make living farther away much more affordable while still providing a reasonable commute. Significant improvements to our transit system are already underway, but we need to look even further ahead at the demand 30–50 years in the future. Foresight is the only way to ensure that mixed-used and multifamily housing options are built near transit stations and along planned light rail routes.

The following graph shows that we’re willing to pay more for a home if it offers an easier commute. Areas in King County with shorter average commutes generally have higher home prices. Good public transit options can help change this relationship by shaving time off the average commute in areas with affordable housing.