Home buying practices adjust to high gas prices

In his hunt for a new home, Demetrius Stroud crunched the numbers to find out that, with gas prices climbing, moving near an Amtrak station is the best thing for his wallet.

Stroud was looking in Elk Grove., Calif.


So instead he made an offer on a home near the train station in Davis, which will shave $160 off his commuting costs.

“I wouldn’t even be able to consider doing it without that Amtrak possibility,” said Stroud, 45, who also telecommutes one day a week to his job in software quality assurance.

Stroud’s choice represents a fundamental shift in the way more Americans are approaching home buying in this era of ballooning gas prices. Real estate agents, transportation officials and industry surveys indicate that home buyers are placing more importance on cutting their gas bills and commute times than they have since the oil shocks of the 1970s.

And there are some early indications that homes near urban centers, and subway, train and bus stops are often selling faster and at better prices than those in the distant suburbs.

AP