Gas Prices Hurting Housing Market

The bursting of the housing bubble may be tied to rising gas prices, according to one economist.

"Can steadily increasing gas prices also be blamed for bursting the housing bubble?"

"Yes, says Portland economist Joe Cortright of Impresa Inc. 'The gas price spike popped the housing bubble,' he writes in a new report called 'Driven to the Brink.'"

"The report, funded by CEOs for Cities, a pro-urban Chicago-based nonprofit, advances an argument gaining steam in national urban planning circles: Rising gas prices have made it less attractive to live in suburban neighborhoods that require driving to work, shop and fun."

"In metro areas where home prices are falling, they're falling more steeply in suburbs than in central areas. In metro areas with strong inner city neighborhoods -- like Portland -- prices of centrally located homes continue to rise while the region's prices fall."

Thanks to Dylan Rivera

Full Story: Spike in gas prices help burst housing bubble, a Portland economist suggests


Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

The Planetizen Guide to Graduate Urban Planning Programs is the only comprehensive ranking and listing of graduate urban planning programs available.
Starting at $24.95

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $25.

Stay thirsty, urbanists

These sturdy water bottles are eco-friendly and perfect for urbanists on the go.