You should, and for several reasons, one of which is your bank account.
Todd Litman of the Victoria Transport Policy Institute presented research results at CNU 25 in Seattle in May. It’s reported HERE by Robert Steuteville in “Public Square: A CNU Journal“.
The basis of Mr. Litman’s thinking is this: ” Urban fringe housing tends to be cheaper but has higher transportation costs, while housing in more accessible and multi-modal neighborhoods costs more, but households can save on transportation. These often offset each other, so households pay the same in total in both locations. However, urban housing tends to appreciate in value while vehicles depreciate, so Smart Growth housing tends to generate far more long-term wealth. “
Typical data: Chicago area (thanks to CNU).
It looks possible that new services will arrive in the mid-term future which may provide low-cost transportation choices. But until then, the trade-off between housing and transportation costs seems like a bad one in the longer term.
CNU is the “Congress For the New Urbanism“. “The Congress for the New Urbanism (CNU) helps create vibrant and walkable cities, towns, and neighborhoods where people have diverse choices for how they live, work, shop, and get around. People want to live in well-designed places that are unique and authentic. CNU’s mission is to help build those places. With seventeen local and state chapters and offices in Chicago, IL and Washington, DC, CNU works to unite the New Urbanist movement.”
A bit misleading as suburban housing appreciates as well. Sure my car depreciates but so does your bike. For that matter, transit vehicles depreciate and that accounting cost is passed on to everyone, whereas the depreciation on my car is born by me alone.
A $20,000 car will last 10 years, maybe 15 before it isn’t worth the maintenance costs and then it is worth $0. Meanwhile, even in the early years it costs several hundred dollars a year in maintenance.
A $500 bike can be maintained for many decades for under $200 a year. Compared to a car that is a lot of cash that can be used for other things including living closer to the city.
Buses often last 20 years or more.
Our first SkyTrain cars are 31 years old and going strong – albeit with a major retrofit.
The depreciating value of transit vehicles isn’t nearly as big a burden on society as moving and parking a million cars.