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From JaneChin.com:
A young couple that commutes
1.5 hours each way, or 3 hours
a day, loses $69,000 a year
in opportunity cost, which translates
to more than two million dollars
if multiplied by 30 years ("lifetime
opportunity cost"). (The caveat
is that these are knowledge
workers, therefore priced at
$100 per hour.)
Another cost that we can't calculate,
but which is potentially more
devastating, is the personal
cost of being in traffic 3 hours
a day, every day, on a person's
body, mind, and emotions. Some
long-distance commuters wake
up at 3 or 4 in the morning
to start their commute. Can
you imagine how this sheer stress
of commute affects one's relationships
and quality of life? The hidden
cost of commute may be an equalizer
- no matter what industry you
work in or the type of labor
you do - commuting may give
someone earning $50,000 as much
stress as someone earning $100,000.
From the Oakland Tribune,
Oakland, California
October 14, 2006:
Recent research indicates that
the high cost of commute offsets
cheaper housing. An article
by Kelli Phillips reported that
working families in the Bay
Area and across the nation have
found that transportation costs
eat up the savings they hoped
to gain by seeking affordable
housing further from work.
The Bay Area topped a list of
28 major metropolitan areas
with low- to moderate-income
families spending 63 percent
of their annual salaries on
transportation and housing,
according to a Center for Housing
Policy study released earlier
in the week.
Working families often "drive
till they qualify" for a home
loan, settling down in suburban
areas where housing is generally
more affordable, the study said.
The study, "A Heavy Load:
The Combined Housing and Transportation
Burdens of Working Families,"
reported that at about 12 to
15 miles from business centers,
the increase in transportation
costs -- price and time spent
commuting -- outweighs the savings
on housing.
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