Want Better Digs? Ditch Your Car

Friday’s Business Insider published this article, which includes the startling revelation that people who get rid of their cars can afford much more expensive houses.

“For every car you do not own, you save $8,000 to $10,000 a year,” Maureen McAvey, the conference’s keynote speaker, noted. “That can often increase the mortgage you can afford by $100,000.”

The article generally is reporting on the trend in housing toward tight-knit neighborhoods that allow people to travel on foot or via public transportation. But the idea that over time people could be investing in their housing rather than throwing money away on automobiles is both fascinating and seemingly under-explored. It’s just another reason I look forward to the day when I no longer have to drive.

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Filed under commuting, driving, economics

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