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I am having a huge struggle over this and I need public help!
I currently live in a quaint little town about 50 miles outside of Chicago. The town is lovely and very affordable to live in comparison to other areas, but unfortunately the job opportunity is terrible for me in this area and the limited jobs we do have here are in industries I don't really want to work in (Manufacturing and Trucking).
So I currently work in a Chicago suburb and have about an hour commute each way, but if it snows or there is an accident it often takes 2 hours each way. My wife and I have been looking for homes in the suburbs but rent prices are insane ($1600-2200) for small rental homes, and likewise home prices are a bit higher than our budget can afford if we buy. Last but not least, Illinois property taxes for these counties are high, think average $5000 a year tax on a $150k home.... it's ridiculous.
We're at the point where our current rental is not really working for us (though it's affordable at $800 month - which we only get a good deal on because we personally know the landlord), and we need a change before the end of summer. I'm completely split whether to buy closer to my work (and ultimately more future job opportunity) or stay in our current town which is much more financially affordable but will mean 1 hour commutes each way for the next several years. In my current town property taxes are an average of $3000 a year compared to $5000 a year for similarly priced homes closer to Chicago and my work. If I were to buy in my current town, we are looking at savings of $200-500 a month on a mortgage payment for the same sized home, but I got to deal with the that long commute.
What would you do? What is smarter? Hoping people who have been in this situation before can perhaps share their experience or what not. Thank you!
I did it for 7 years. Lived in a very primitive rural area in a farm house and loved it. I commuted to jobs that were an hour away, but the commute was over rural roads with very little traffic snarl. THAT made all the difference to me. However, right here in the burbs where I live now there are commute times in excess of an hour from one end of town to the other, so really moving closer in did not eradicate any commute times if I would be working on the other end of town.
Would I do it again? Yes, even if the traffic were rough I would. Because even though I spent 2 hours on the road, I enjoyed those 2 hours listening to music or books on tape, etc. The best part is that once I was home each evening and on the weekends, I live in MY version of "paradise"-a small house in the woods.
I am going to try to get that back again this spring and summer and I will face a commute, but I don't care. Once I retire I am going to stay way out in the country. I am not made for "burb" or "city" living and I want as little of it as possible.
I had a 2-hr commute each way when we lived in NoNJ and worked in NYC. I read books and napped during my 3-seat ride to and from work each day. It was a long day, but the "letting others drive" commute was a good way to gear up for the day in the morning and have quiet time to decompress on the way home. I didn't mind it at all.
When I eventually left my NYC job for a NJ job, it was for an hour-long commute. I listened to talk radio in the car and didn't mind the commute because I was closer to my family and knew I wouldn't get "trapped" in the city and unable to reach my family due to any catastrophe (as I had on 9/11 and the blackout of 2003).
Before those years, when I lived in DC I had a 2-seat 1+ hour commute into the city from NoVA, and listened to music on my headphones.
In all cases, it made sense to have a long commute because living in NYC or DC was too cost-prohibitive and I couldn't find good paying jobs that were close to home.
My current commute is 30-40 minutes and I listen to audiobooks almost exclusively. I'd love to work where in the town where I live, but I'd have to take a 50% paycut in order to do that, which I can't afford.
What it comes down to is that you can always make more money, you can never make more time. If I had to commute, I'd give up a LOT (space, amenities, etc) in order to minimize my commute-- the only caveat would be schools for my kids, that's a non-negotiable. What's the point in having a great house in a great community, only to never enjoy it (other than as a place to sleep-- only to rinse, lather and repeat the next day?)
I'm lucky enough to work remotely-- I live in the 'burbs of Minneapolis, which has moderate traffic (nothing compared to NYC, LA, DC or Atlanta); if I had to commute downtown, it would add 35-40 minutes (each way) to my day. Because I don't commute, I do tend to work more (much more) than 40 hours most weeks, but the lack of commute and the ability to be available to my family is worth it-- and, frankly, with 3 school aged kids-- all three of whom are competitive athletes, it would be very challenging to work even 40 hours in an office downtown.
Simplify your life-- and suck it up and move closer-- it will save you time and possibly money-- but more importantly, it will save your sanity.
Now that I have thought about it more, I think under the right circumstances...yes I would. It would, however, have to mean that I ride to/from work with my wife because we already talk about eachother's days and that burns up about an hour or so each afternoon. Might as well do it while driving to/from. IF it would be rolling solo then no thanks
I am having a huge struggle over this and I need public help!
I currently live in a quaint little town about 50 miles outside of Chicago. The town is lovely and very affordable to live in comparison to other areas, but unfortunately the job opportunity is terrible for me in this area and the limited jobs we do have here are in industries I don't really want to work in (Manufacturing and Trucking).
So I currently work in a Chicago suburb and have about an hour commute each way, but if it snows or there is an accident it often takes 2 hours each way. My wife and I have been looking for homes in the suburbs but rent prices are insane ($1600-2200) for small rental homes, and likewise home prices are a bit higher than our budget can afford if we buy. Last but not least, Illinois property taxes for these counties are high, think average $5000 a year tax on a $150k home.... it's ridiculous.
We're at the point where our current rental is not really working for us (though it's affordable at $800 month - which we only get a good deal on because we personally know the landlord), and we need a change before the end of summer. I'm completely split whether to buy closer to my work (and ultimately more future job opportunity) or stay in our current town which is much more financially affordable but will mean 1 hour commutes each way for the next several years. In my current town property taxes are an average of $3000 a year compared to $5000 a year for similarly priced homes closer to Chicago and my work. If I were to buy in my current town, we are looking at savings of $200-500 a month on a mortgage payment for the same sized home, but I got to deal with the that long commute.
What would you do? What is smarter? Hoping people who have been in this situation before can perhaps share their experience or what not. Thank you!
If the two of you are both commuting to the same area, I'd say definitely move closer. It doesn't make sense to stay far out for savings that are non-existent once you factor in gas, added maintenance, repairs and accelerated depreciation on two vehicles! You are probably throwing away an hour of your time each day for a net savings of maybe $100/month, but likely $0 or even -$100/month.
I commuted by train for a total of 3 hours for 2 years (90 minutes to and 90 minutes back). It was MISERABLE - exhausting, draining, expensive. You name it.
I would do it again only under these conditions:
-If I had a stay-at-home husband to shoulder the burden of caring for the yard, pets, house, errands.
-If it paid SIGNIFICANTLY more than my current salary.
-If I enjoyed the job and my coworkers greatly.
-There was public transportation available so that I could nap/read/write during the trip.
Keep in mind that there's a hidden cost to a long commute. It's not just the cost of gas for those extra miles, you basically destroy the value of an already depreciating asset (in the form of your vehicle) even faster by racking up those miles quickly.
So if you give yourself a 50 mile commute every day that means you cost yourself $13,920 per year (per car mind you) just to commute that distance. (figure 48 weeks per year x 5 days per week x 100 miles per day) A lot of that cost is hidden in depreciation that doesn't hit you until you go to sell your vehicle, but it's still there.
With an almost $14,000 cost per year for a long commute, living that far from work suddenly doesn't look like a very good value.
I don't really care for this MMM article. I've seen it before and he talks about vehicle depreciation, the value of time, and other more intangible financial costs. Sure putting miles on a car will depreciate it quicker, but so will time. I had a 2002 buick that ran great and only had 40k miles. Engine was great but the body and tons of other parts were breaking. I sold it in 2014 and the blue book was only 2000 in GOOD condition. No one wants an old car, regardless of the mileage. Only reason it was falling apart was time. It was a old vehicle. It drove less miles, but it still was started each day the same whether you drove 5 miles or 50. All and all, I want to look at more real costs. Gas, tolls, mortgage differences, property taxes, etc.
Quote:
Originally Posted by RiotAct41
$150k? hah!
Even in the outer suburbs of D.C., you're looking at $425k - $450k minimum for a small SFH.
I know if could be worse, but I'm only making 40k and that's all I can afford right now! We were honestly always very interested in the pacific northwest but I don't know how people manage to do it. Median salaries of $65 k and median homes prices of 500k... how the hell does that work out!? I feel fortunate to be getting my career of its feet in the midwest where it's at least a BIT more reasonable.
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All and all, while the overwhelming response is live closer, I wish the choice were that easy. I feel like I'm in a "pick your poison" situation. Truthfully, my wife and I both really like where we live, but there are no good jobs. I'm a very career ambitious fellow and to get my career propelled forward there will be a 95% chance I will need to take jobs in Chicago or the suburbs which are all about 45-1:30 minute commutes for at least the next 5-10 years. I would love to live closer, but we've been been actively looking for 3 months now in various suburbs about 30 minutes max from my work and we're looking at very high property taxes and severe downgrades in home quality. My wife and I are both very big homebodies and love home. We cook a ton, have friends over, pursue various hobbies in our homes, and having a moderate sized home to enjoy these things is something we want. However, buying closer means to us giving up several hundred square feet, smaller yards (we have two dogs so this is important!), and so on. We are first time home buyers and still relatively low income, so saving $200-300 on the mortgage each month WHILE getting more home is tempting. We're in a situation basically where we live in our rural town with hour+ commutes but have a 1600 sqft home for a $950 mortgage, versus living 15-30 minutes from work but having a 1100 sqft home with a $1250 mortgage. Tough choices!!
As for the driving. I don't know how I feel about it. I've been doing it for about 4 months now and I'm fairly neutral about it. There are definitely days I hate it when I'm so tired from little sleep or there are accidents and bad weather, but when the drive flows well it's not all that bad. Good XM radio, audio books, and other listening materials make the drive even better. Get educational audio books and it's a great way to expand your mind when you probably otherwise wouldn't find the time and motivation to study it at home.
My brain keeps saying the best thing is to move closer and that being closer to good jobs will help me excel in my career and earn big money sooner, and the extra hour or two I'll have each day can definitely be used well for exercising, personal hobbies, or spending time with my wife and on the way child. Yes, my wife is pregnant too, so I fear about missing out on lots of time with my kid growing up! But then I think how peaceful our current town is. How friendly everyone is. How easy it is to run errands and get around town. How we have a river and beautiful nature trails to walk. How we have a much nicer home and pay less on it. I've lived many places as my past career relocated me many places around the US, and surprisingly this little town is one that feels good to me. I'm not a big city guy. I like a quiet suburbs and rural towns are charming and peaceful even if I can't access more modern amenities and stores.
So where do I make the sacrifice. Not easy of an answer! Thanks for all the replies. They are very insightful and helpful!
I live 15 miles from work, and the drive takes me approx 90-120 minutes each way. Usually a little less on the way home. I'm one of those rare car commuters in NYC. Well, I guess not so rare otherwise I wouldn't sit in so much traffic. It's destroying my soul, so I'm moving!
I'm moving to another borough that has mass transit options. My commute should drop to 45 min total (including walking time) and cost me 1/3 of what it does now. Seems like a win!
I love where I live and I like my job, so I'm willing to commute 55 minutes.
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