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It’s rather hard to apply causation given the situation, which includes the actions of OPEC/Russia.
Yup. And not just that, there are hundreds of reasons that have an effect on global oil prices. Covid is ending and its expecting to cause an increase in travelling, you have Iran, who control oil wells in Iraq or Libya, how is the global economy doing, you have weather (people already forgot about Texas like 2 months ago?), Suez right now etc.
To think that whatever happens is because of the president in charge is wrong. Similar thing for the stock market.
How is covid ending? If you want to make the argument about the United States sure but we're a long way off in places like India and China and Brazil. At the current rate of deployment it's going to take years upon years from most of the rest of the planet to get to where the United States is now.
I find it very hard to believe that anyone paying $500k-$800k+ for a house would factor in gas prices into a commute as a decision making process for where to live. The cost differential is negligible. Let's keep politics out of this thread.
And, yes, I now live in CLE after decades in metro Boston. But I consider Boston my adopted hometown...it's where I became an adult
I find it very hard to believe that anyone paying $500k-$800k+ for a house would factor in gas prices into a commute as a decision making process for where to live. The cost differential is negligible. Let's keep politics out of this thread.
And, yes, I now live in CLE after decades in metro Boston. But I consider Boston my adopted hometown...it's where I became an adult
It always amazed me what you could get for your money in shaker heights - taxes were very high, but still.
I find it very hard to believe that anyone paying $500k-$800k+ for a house would factor in gas prices into a commute as a decision making process for where to live. The cost differential is negligible.
A lot of people commute 100 miles total per day in their family truckster SUV getting maybe 20 MPG. Figure $3 a gallon and that's $300 a month just for commuting. That's pretty significant. I don't know what it's like out in Ohio but I think you're overestimating the "wealth" of an MA homeowner with a 600k house.
A lot of people commute 100 miles total per day in their family truckster SUV getting maybe 20 MPG. Figure $3 a gallon and that's $300 a month just for commuting. That's pretty significant. I don't know what it's like out in Ohio but I think you're overestimating the "wealth" of an MA homeowner with a 600k house.
Sure, but with many of these modern SUV/CUVs one can still achieve mpgs in the mid-20s (not advocating for it, but it is possible). That's <$3K per year if commuting 20k miles annually.
A nice middle class home in Leominster can be had for <$400k versus $650k+ in city like Watertown which has equally marginal schools. $250k+ buys a lot of gas/maintenance and at a manageable pace. Yes, time is our most valuable commodity, but when you're at lower middle class incomes your time is more expendable (financially speaking).
Once at upper middle class incomes the differential in Brookline pricing versus, say, Sudbury buys a pretty nice Tesla. Gas prices are a non-factor for RE, time is.
A lot of people commute 100 miles total per day in their family truckster SUV getting maybe 20 MPG. Figure $3 a gallon and that's $300 a month just for commuting. That's pretty significant. I don't know what it's like out in Ohio but I think you're overestimating the "wealth" of an MA homeowner with a 600k house.
That person is likely needing to commute anyways, so it'd be the difference in the cost of $300 and the new commute compared to the increased cost of the home. An extra $300/month towards a mortgage probably isn't going to get you 50 miles closer to work without some significant trade-off unless you're doing a reverse commute.
Gas prices are one thing but you have to consider the wear and tear on a engine and the total cost of ownership. I was driving a fair amount in the past. Gas added up but the long term wear of say salt on roads, a new muffler, new shocks, new breaks etc. In Mass and I'd argue new england cities are somewhat close. In the midwest no one really goes from Cincinnati to Indy by plane or rail. Driving and mileage is much more of an issue when driving is the default. We can joke about the MBTA all we want but without it we'd be much worse off.
People in the suburbs of Massachusetts drive a lot I feel. Things are not that close by or immediately in your town and you need to often take the winding way.
$600k house in Greater Boston is purely middle class, a family that is completely stretched tight so high gas prices will absolutely hurt.
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