A real estate agent told us the house at 47 Cambridge went for $670,000 and the one at 88 Cambridge went for $730,000. Sounds crazy when you compare it to a brand new house out in the ‘burbs somewhere. But what is the real cost of ownership when you factor in the cost of transportation?
The Washington Post dug into that question with this story which is well worth a read. They point you to an interactive map of all the cities in the US showing the actual costs of various urban areas as a % of income with transportation costs factored in. They don’t include the cost of your time commuting.
Point is the mapping shows that areas well serviced by transit and close to the urban cores are generally cheaper to live.