Evaluating Commute Costs: New Builds vs. Resale Homes in El Paso

Want the full story?
Read the complete article at KVIA
AI Summary
When deciding between a resale home farther from the city and a new construction closer to work, potential buyers should consider the hidden costs of commuting. Transportation often ranks as the second-largest monthly expense for households, and with longer commutes becoming more common—averaging 27.2 minutes one way in 2024—these costs can significantly impact overall affordability. The Center for Neighborhood Technology's research shows that when combining housing and transportation costs, the number of neighborhoods deemed affordable drops sharply. Homebuyers are encouraged to use tools like the Housing + Transportation Affordability Index to assess true living costs and make informed decisions about their home purchases.
Key Details: • Consider both housing and transportation costs when evaluating home affordability. • The average one-way commute in 2024 is 27.2 minutes, impacting overall living expenses. • Use the Housing + Transportation Affordability Index to assess neighborhood affordability. • AAA estimates annual vehicle ownership costs at $11,577, or about $965 monthly.