Is Commute Time Becoming a Housing Factor?

June 2, 2021 | 78 views

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.

Spotlight

CSM Corporation

CSM Corporation owns and manages 4,000 residential units, 8,000,000 square feet of industrial space, 2,000,000 retail square feet, a million square feet of office space, and 31 hotel properties, totaling 5,552 guest rooms in 11 states. CSM has earned awards in numerous categories from NAIOP, the Business Journal, the Minnesota Multi Housing Association, Marriott International, Carlson Companies, and the American Hotel & Lodging Association.

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Why Company Culture Matters in Commercial Real Estate

Article | June 3, 2021

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REAL ESTATE TECHNOLOGY

What’s the Best Type of Commercial Real Estate Property for Investors

Article | July 25, 2022

Thinking about investing in commercial real estate? It can certainly be a lucrative venture. For those unfamiliar, this type of property is generally defined as land or buildings that are intended to generate a profit in some way. More specifically, commercial real estate is divided into subcategories. There are four main types, including multifamily, office, industrial, and retail. Which type is correct for you? It really depends. Each comes with its own set of pros and cons.

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Spotlight

CSM Corporation

CSM Corporation owns and manages 4,000 residential units, 8,000,000 square feet of industrial space, 2,000,000 retail square feet, a million square feet of office space, and 31 hotel properties, totaling 5,552 guest rooms in 11 states. CSM has earned awards in numerous categories from NAIOP, the Business Journal, the Minnesota Multi Housing Association, Marriott International, Carlson Companies, and the American Hotel & Lodging Association.

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WPM Real Estate Management Reveals Multiple Promotions as Part of Strategic Growth

WPM Real Estate Management | January 27, 2023

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AGENT, MORTGAGE AND LENDING

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Read More

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