Boston tenants are willing to pay $61.75 more in rent to shorten their commute times 6.9 minutes, according to a new analysis from our pals at HotPads. (We know, small comfort today, given the T-pocalypse this morning.) The analysis looked at major cities and "compared ZIP codes with the 25 percent shortest one-way commutes against ZIP codes with the 25 percent longest one-way commutes. HotPads then found the median rental price for these areas to calculate a rental premium that ZIP codes with shorter one-way commute times command over those with longer one-way commute-times."
This data gels with previous analyses by RentHop, which looked at the differences in Greater Boston rents the farther or closer an apartment was to the T. In some downtown neighborhoods in Boston proper, tenants pony up a lot more than they otherwise would to live within 1,000 feet of a T stop. (Whether they curse the decision some mornings is not entirely clear.) See the interactive map below, which includes the percentages of residents in each neighborhood commuting by—gasp!—car.
· How Length of Commute Affects Rental Prices [HotPads]
· The T and Your Rent: Breaking It Down by Neighborhood [Curbed Boston]
· Here's How Rent Declines the Farther You Get From the T [Curbed Boston]