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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zillow Group Inc | NASDAQ:Z | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.67 | 3.23% | 53.31 | 53.28 | 53.31 | 53.93 | 51.88 | 52.00 | 1,978,161 | 16:52:48 |
SEATTLE, July 24, 2018 /PRNewswire/ -- Owning or renting a home close to downtown comes at a cost in most of the nation's largest metros, forcing millions of people to decide exactly how much they're willing to pay to spend less time commuting to and from work.
Homeowners will save the most money by moving 15 minutes away from the city's urban core in Boston, Seattle, Washington, D.C. and Chicago, according to a new Zillow® analysis[i] in conjunction with HERE Technologies.
In the Boston metro, the typical home becomes 13.4 percent less expensive -- about $57,260 -- when it is shifted 15 minutes from the downtown core. The typical home in Seattle becomes 11.3 percent less expensive, or about $54,599, when it's shifted 15 minutes out.
"There has been an urban revival in many U.S. cities over the past two decades driven by evolving preferences among young adults and a long-term shift in the American economy toward service jobs," said Zillow Senior Economist Aaron Terrazas. "But, this does come with a cost -- in many cities, there's a growing tradeoff between a short commute and an affordable home. The regular commute to-and-from work looms large over the typical American worker's life. Over a 30-year career, reducing your one-way commute by just 15 minutes frees up five months of one's life for more rewarding pursuits. For some home shoppers, it may be worth paying more to spend less time sitting in traffic, but for others, deteriorating mortgage affordability and lifestyle needs and wants make longer commutes a reality."
The report, using commute and real-time traffic data from HERE Technologies, a mapping and location platform company, analyzed 34[ii] of the largest U.S. metros to help American workers make that decision. It shows how much homeowners could save if they are willing to add an extra 15 minutes to their commutes, and how much they would need to pay to spend less time in their cars.
"Transportation and housing uniquely impact everyday life while representing the two largest expenditures for U.S. households annually," said Monali Shah, director of intelligent transportation at HERE Technologies. "The combination of HERE and Zillow data creates real-time insights for residents, cities and policy makers to better understand the relationship between mobility and housing costs in their communities."
Here are some key findings from the report:
Data from this analysis is available down to the zip code level for each metro analyzed. Email press@zillow.com for additional data.
Metropolitan Area |
Homeowner % |
Homeowner $ |
% Change in |
$ Change in Rent |
Los Angeles-Long Beach-Anaheim |
-2.1% |
-$13,001 |
0.6% |
$17 |
Chicago |
-8.2% |
-$18,864 |
-7.4% |
-$117 |
Dallas-Fort Worth |
0.1% |
$308 |
-2.1% |
-$32 |
Philadelphia |
5.1% |
$12,447 |
0.4% |
$5 |
Houston |
8.5% |
$17,567 |
0.8% |
$12 |
Washington |
-9.4% |
-$37,709 |
-8.7% |
-$172 |
Miami-Fort Lauderdale |
-1.4% |
-$3,799 |
-1.3% |
-$24 |
Atlanta |
1.4% |
$2,935 |
1.5% |
$21 |
Boston |
-13.4% |
-$57,261 |
-12.5% |
-$293 |
San Francisco |
5.5% |
$32,813 |
0.3% |
$7 |
Detroit |
8.2% |
$15,504 |
11.0% |
$110 |
Riverside |
-1.9% |
-$6,279 |
2.1% |
$36 |
Phoenix |
-3.4% |
-$8,646 |
-3.7% |
-$49 |
Seattle |
-11.3% |
-$54,599 |
-6.2% |
-$125 |
Minneapolis-St Paul |
-4.7% |
-$12,601 |
-4.4% |
-$66 |
San Diego |
-7.1% |
-$40,209 |
-2.9% |
-$68 |
St. Louis |
2.0% |
$3,423 |
7.0% |
$67 |
Tampa |
-2.3% |
-$4,692 |
0.2% |
$2 |
Baltimore |
7.3% |
$21,565 |
4.2% |
$67 |
Denver |
-0.2% |
-$735 |
-1.3% |
-$24 |
Pittsburgh |
-6.3% |
-$11,132 |
-13.2% |
-$154 |
Portland |
-5.0% |
-$19,754 |
-4.1% |
-$70 |
Charlotte |
-5.0% |
-$10,689 |
-3.9% |
-$51 |
Sacramento |
9.4% |
$35,817 |
4.4% |
$76 |
San Antonio |
14.2% |
$27,509 |
6.1% |
$77 |
Orlando |
-5.0% |
-$11,470 |
-3.6% |
-$51 |
Cincinnati |
-2.6% |
-$4,631 |
-0.5% |
-$5 |
Cleveland |
7.6% |
$11,539 |
4.0% |
$40 |
Kansas City |
2.3% |
$4,572 |
3.4% |
$36 |
Las Vegas |
13.9% |
$35,606 |
2.5% |
$31 |
Columbus |
-2.5% |
-$5,093 |
3.5% |
$41 |
Indianapolis |
7.4% |
$12,268 |
11.6% |
$125 |
San Jose |
-7.6% |
-$67,246 |
-4.1% |
-$136 |
Austin |
-0.1% |
-$262 |
-5.0% |
-$78 |
Zillow
Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
HERE Technologies
HERE, the Open Location Platform company, enables people, businesses and cities to achieve better outcomes by harnessing the power of location. The company's mapping and location technologies are used by transportation agencies around the world to operate more effectively today and prepare for the next generation of connected and automated vehicles. Investors in HERE include Audi, BMW, Bosch, Continental, Daimler, Intel and Pioneer. To learn more visit http://360.here.com and www.here.com.
[i] For methodology, visit Zillow.com/research or email press@zillow.com.
[ii] New York metro not included.
View original content:http://www.prnewswire.com/news-releases/boston-and-seattle-top-zillows-list-of-places-where-it-pays-to-move-farther-out-300685284.html
SOURCE Zillow
Copyright 2018 PR Newswire
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