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I do commute 3 hours per day. I've been doing it for around 5 years. Mileage and gas currently cost me about $550 per month. I have thought about the fact that if I wanted to move closer to work I could add about $450 to my housing budget but that still wont get me what I have now. I couldn't take a cut in pay greater than that $550 per month to have a lesser commute because then I wouldn't be able to pay my bills.
As for adding say 2 hours per day back to my life. I struggle with that one every day. I really like where I live and every time I've considered selling my house I put it off so I guess I'm right where I want to be for now.
It sounds like in your head you've already decided that this is acceptable. You would save maybe $6k on actual expenses. That means you are willing to give up $20k a year in take home salary. That works out to over $1,666 a month pre-tax that you are giving up on. If you are cool with that and think less of a commute is worth $1,666 a month than have at it.
On a twist of some earlier numbers posted....
The commute expense and savings are a wash so we are talking about the $20k, or $1,666 per month.
Reducing your commute by 2.5 hours a day would save you 50 hours a month give or take.
The salary you say you are willing to give up essentially works out to $33.32 per HOUR for sitting in your car.
Do you think the time spent sitting in your car is worth $33.32 an hour? That's equivalent to an annual salary of $70k a year.
No, I haven't decided what's acceptable, I'm trying to decide what would be the least I should take, but I know that around my area (I've seen job postings) and with my experience is such a specific field I would have to take a BIG pay cut. So, still playing with numbers
Basing your decision on commuting time alone, how much of a pay cut would you be willing to take if your commute reduces from 3 hours to half an hour roundtrip? How much value $ do you give to the hours you would have available?
I don't know if I have an exact dollar amount, but I commute 2 hours each way, which will be reduced to an hour and a half each way once we move our office from NYC to JC next month. I'll still be spending 3 hours a day commuting, though.
If I can find another job when I've got the years I need in at my current job--and that's going to depend on what the economy looks like then--I will seriously consider taking a significant pay cut to work locally. My only kid will be out of college by then, and it would be worth it to me. I would definitely have to take a pay cut at any other job, since I don't have a college degree and I'm currently in a job where I'm supposed to have one. I wouldn't be able to get a comparable job on the outside.
There are other things you need to factor in not directly related to direct cost.
The physical/mental toll of commuting 3 hours a day.
Time LOST in the commute.
Other things to consider; What happens if your vehicle becomes disabled ?
What about road conditions? Weather, construction, accidents, etc..
On a "good" day it takes 1.5 hours, but some days it may take three hours, nothing like sitting in traffic for three hours after working all day, listening to the $%^#&s and their horns. I will go when the person on front of me goes, he will go when the person in front of him goes ... And so on. Physics seems to be lost on some people.
In theory, 5-7% seems reasonable to me - not withstanding the other factors (commuting costs, gas mileage, etc) - not to mention what you'd do with the extra time. Would you join a gym, spend more time with the kids or just sleep. Maybe you have a bad marriage and the extra time is a plus so you can get away from the spouse...
It also depends on what you make... and where you'd have to move from/to:
- Assuming closer to work meant moving closer to NYC, you'd pay more in housing costs and traffic (in theory) would be heavier as you get closer to the city, BUT, if you lived in Newark and worked in at the western end of Rt 80, you'd get more house for your money moving westward - so either your costs would go down or you'd get a much nicer house for the same money.
- The income change seems like a bell curve. Althought the 10% "loss" is high for anyone, chances are that the less you make, the higher the percentage of you total income is required to make ends meet.
Ask someone who makes $2 million/year if they'd take a $200K a year hit to move closer... maybe not so fast.
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