With cities expanding, a common practice for home seekers is to move further out of the city core in search for better affordability, but in exchange for a longer commute. If you are looking to rent or buy, commute time vs. listing price is a factor that has inevitably crossed your mind. The question then, is whether or not the extra commute time is saving you money in the long run.
As smaller urban centres are expanding, or if you are living in a major Canadian city, commuting can become a long journey, sometimes an hour or more one way. Whether looking at either renting or buying, it is easy to see the price difference between living in the city vs. suburbs and base your decision on this factor alone. Looking at a commute time of a 40 to 60-minute drive doesn’t always seem that bad. You can use this as “me” time by listening to music or unwind from your day. However, how much will this commute cost you? Keep in mind maintenance, insurance, daily parking costs and gas prices.
Along with the cost of commuting we can also consider the time it takes to get into work every day. For example, if it takes you 40 minutes to get into work (80 minute round trip), that is an 80 extra minutes you could use to enjoy with family, friends, or for extracurriculars.
An alternative to commuting by vehicle is using city transportation. The downside of transit is that you are limited by how far you can travel. Often, you’re still driving to the closest station just to access it. Relying on transit can easily add time onto your daily commute and can cause headaches when busses or trains aren’t running on schedule or even breakdown.
If you move to a new and developing part of the city, an important consideration to keep in mind is to ensure your new neighborhood will have the stores, restaurants and services you need within reach. If these aren’t yet established, chalk up the added cost of having to commute to another community for groceries and other necessary amenities.
All of these costs can add up, and if you compare the initial savings to how much you are/will spend on commuting the savings may not be worth your more desired lifestyle in the long run. With Rentfaster.ca you can find great rentals within close proximity to the city core, without compromising your budget. Start your search now