Does traffic and commutes impact home values?
While at an open house recently, I had a prospective buyer ask me about the difference in traffic patterns and how commutes affect housing prices. We talked about traffic, how much time folk spend in their cars driving to/from work, more affordable housing, and how Bay area house prices reflect location i.e., good schools and a shorter commute.
In answering her questions, I got to thinking about commutes; I totally understand how impossible 101, 280, 87, and 85 are during certain hours but wasn’t too sure about the greater picture, so I did some research and found the most congested roadways in the Bay area are as follows (for more information go to http://www.vitalsigns.mtc.ca.gov/time-spent-congestion)
1. US-101 northbound & I-80 eastbound from I-280 to Treasure Island Tunnel
2. I-80 westbound from SR-4 to Downtown San Francisco
3. US-101 southbound from Mountain View to Downtown San Jose
4. I-680 northbound from Mission Boulevard/SR-262 to Sunol
5. I-880 northbound from Fremont to Hayward
6. I-280 southbound from Foothill Expressway to Downtown San Jose
7. I-80 eastbound from West Oakland to North Berkeley
8. I-680 northbound from San Ramon to Pleasant Hill
9. SR-24 eastbound from I-580/I-980 to I-680
10. SR-4 eastbound from Martinez to Concord
As far as congestion is concerned, the Bay area is second only to Los Angeles, and we all know how congested those roadways are! I checked some of our central Peninsula cities and compared with ones farther afield; as you might expect, the cities with the longer commutes are considerably lower in price and housing is actually affordable in those locations. While this is certainly not news to any of us, I was still surprised at the price differentials.
So, is the longer commute worth the affordability of the home? Many people think so; driving the extra miles makes home ownership possible, a dream we all have in common!
Just the Facts Ma’am!
Covering Silicon Valley. All information from the Multiple Listing Service.
Want information for other areas? Comments? Questions? Send me a message, I’d love to hear from you!
