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Thursday, April 17, 2008

"X" Out The Ex-Urb: Shorten Your Commute

Here's an interesting piece from BusinessWeek that correlates rising gas prices with declining home values. If everybody in your town is commuting an hour to work, you may have experienced a steep drop in home prices:

Take Murrieta, Calif., incorporated in 1991. The population of Murrieta more the doubled to 100,000 over the past eight years, as residents traded hour-long commutes to San Diego or Orange County, Calif. for newly built mini-mansions at lower prices. In the past year though home prices in Murrieta fell 31% to a median $329,000.

[Photo credit: Sfgate]

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