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HOUSING SEARCH TRADE-OFF : PRICE VS COMMUTE TIME - Coggle Diagram
HOUSING SEARCH TRADE-OFF :
PRICE VS COMMUTE TIME
scarcity
land is scarce
house prices increase as demand grows higher
not enough routes → traffic around working hours → long commute
equity
potential work compensation for those living farther away (especially workers with salaries less than the average for the position)?
choice
shorter commute time or lower house prices?
farther away from work = lower house prices, but also equals longer commute time
example: 20 miles further out → extra $120 per month (in gas alone) + extra 10,600 miles of driving each year
more oil changes
at least another $100-$150 per month
more frequent repairs and maintenance
car might depreciate faster by an extra $1,000/annum
closer to work = shorter commute time, but also equals higher house prices
efficiency
long commute → work efficiency decreases
public transportation → one is able to work en route → more time and work-efficient
long commute is not efficient/worth it
" A commuter who travels one hour, one way, would have to make 40% more than his current salary to be as fully satisfied with his life as a noncommuter"
interdependence
the efficiency of public transport is dependent on...
bus/driver
punctuality according to route schedule
traffic
change
growing population
higher demand for houses
increasing prices
suburb expansion and urbanization
more traffic
longer commute time
rising gas prices
long commute becomes more costly
intervention
if the government were to improve public transportation and make it more accessible, more people would take public transport → the problem of price vs commute time could be eased
sustainability
public transport
more environmentally friendly (global sustainability)
more cost-efficient and time-efficient + less stress (personal/private sustainability)
economic well-being
personal well-being
"Effect of Fatigue On Work, Family, and Happiness"
fatigue when arriving to work due to long commute
work quality suffers
arriving home late
no energy to prepare food → take-out
costs more, less nutritious
less personal time