The Overlooked Home Feature That Could Save Buyers Thousands

Housing and transportation constituted 50% of household spending in 2024, with housing comprising 33% and transportation 17%, according to the U.S. Bureau of Labor Statistics. While housing costs have recently moderated, car ownership expenses have continued to rise, with new cars 33% more expensive and used cars over 40% more expensive than five years ago. Insurance costs have increased by 19% nationwide, and gas prices exceed $4 per gallon. This trend challenges the traditional affordability strategy of "drive until you qualify," which historically involved moving to more distant, less expensive areas. These outlying regions, however, are often more car-dependent and have limited public transportation access. Consequently, homes closer to public transit, despite potentially higher initial costs, are emerging as a more financially advantageous option for households seeking to reduce overall daily expenses. Transit-oriented housing, characterized by its proximity to frequent and reliable public transportation, is notably scarce. Research from the Urban Institute indicates that only 10% of housing nationwide is located within a half-mile of frequent bus or rail service, and a mere 6% is within a half-mile of an urban rail station. Transit-oriented development (TOD) aims to create walkable neighborhoods with essential amenities, offices, and services, all supported by efficient public transit.