REAL ESTATE TECHNOLOGY

Is Commute Time Becoming a Housing Factor?

June 2, 2021

While many workers plan, at least according to recent surveys, to continue spending at least part of each week working from home, a shorter commute still seems to be holding increasing appeal. The National Association of Home Builders (NAHB ) says its first quarter  Home Building Geography Index (HBGI) indicates not only a pandemic driven shift in construction to low density, low cost markets, but a rapid expansion in areas with the shortest commutes.

Litic Murali, writing in NAHB's Eye on Housing blog, says workplaces are moving toward hybrid home/office work models which could affect 30 to 40 percent of the American workforce.  This will give renters and buyers increased market power over their travel times and the ability to reduce both housing and transportation costs.

The nationwide average commute is 26 minutes. Those counties in the bottom quintile (lowest 20 percent) have a commute time of 18 minutes or less while the commute in the highest quintile is 28 minutes. The data show that 36.2 percent of the U.S. population resides in the counties in that top slice.

The HBGI indicates that the top two quintiles with the longest commutes together had 63.6 percent of single family building. However, growth was strongest in that bottom quintile with a four-quarter moving average annual growth of 22.2 percent.

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Berkshire

Berkshire Residential Investments is a people-focused investment management company known for our vertically integrated organization and experience in U.S. residential real estate. With over 50 years of experience, we manage approximately $7.4 billion in real estate assets on behalf of our global institutional clients. We aspire to improve lives through expert capital stewardship and exceptional living experiences. Our reputation for innovation and prudence attracts residents in the U.S. and investors from across the nation and from around the globe.

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Spotlight

Berkshire

Berkshire Residential Investments is a people-focused investment management company known for our vertically integrated organization and experience in U.S. residential real estate. With over 50 years of experience, we manage approximately $7.4 billion in real estate assets on behalf of our global institutional clients. We aspire to improve lives through expert capital stewardship and exceptional living experiences. Our reputation for innovation and prudence attracts residents in the U.S. and investors from across the nation and from around the globe.

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