The Market Rate of a Shorter Commute
Analysis by FiveThirtyEight offers a lesson in trade-offs. In this case: how much more New Yorkers are willing to pay for less time spent commuting.
"How much would you be willing to pay to shave a minute off your commute?" asks a post by Carl Bialik. "For New Yorkers, the answer appears to be around $56 per month."
"That’s how much more New Yorkers pay in rent, on average, for a one-bedroom apartment that’s a minute closer by subway to Manhattan’s main business districts," according to Bialik, summarizing analysis that crunched data from the real estate listing service StreetEasy.
Bialik also notes that given the forthcoming 18-month closure of the L Train, "residents of Williamsburg and other Brooklyn neighborhoods on the L train could soon be paying less in rent."
Published on Monday, August 29, 2016 in
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