May
25

Expansive Gas, Cheap House

When gas prices rise we become leery about driving. That lowers the value of homes far from jobs. But, by how much? If gas costs $4/gal and you get 20 mpg, each mile you drive costs $0.20. When commuting, you drive that mile twice a day. So, each extra mile costs $100/yr. Based on this, the value of a home falls by about $1,500 for every mile further away it is.

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