Wednesday, November 30, 2016

Location, transportation and affordability

The Department of Housing and Development (HUD) has this cool new tool that helps folks look at the relationship of housing and transportation for a specific location.

Since it is thought that transportation is our second largest household expense, it makes sense to consider transportation costs when looking at the affordability of housing.  The website provides a transportation cost calculator and a location affordability index, both of which are customizable to your specific household.

The Location Affordability Portal also has a resources tab with several articles on transportation and housing, along with a few examples or vignettes, showing how the tool provided information to home buyers.

My guess is that choosing one close-in location from another won't show much of a difference.  The information would be valuable when considering rural locations or loner commutes.  Keep in mind, this portal is not about home values in the area in which you are looking, but does use some area specific information about median income.

Portland has focused a lot of resources on public transportation.  I wonder if we spend less on transportation, on average, than other similarly sized cites?  Then again, we aren't as dense as some cities, and our housing cost might more than make up for any transportation savings.

Contact me with any questions you might have about the Portland real estate market. or 503-312-8038.