When you’re in the market for a new home, have you ever considered whether living in the suburbs or rural areas might be more affordable than settling close to the city? Here’s to break down the real costs of city life versus country life, helping you make a more informed decision.
Many urban residents assume that moving to the suburbs or rural areas means more space and greater affordability. However, this isn’t always the case. According to Hannah Jones, Chief Economic Analyst at Realtor.com, while buying in the suburbs might save you on housing costs initially, it’s crucial to consider the bigger picture if you’re aiming to save money overall. Realtor.com data shows that 65 out of the 100 largest metro areas in the U.S. are actually more expensive than urban homes. This is due to several hidden costs associated with suburban and rural living that buyers might not be aware of.
So, what are these hidden costs? One of the biggest factors is commuting. If your job is in the city but your home is 45 minutes away in the suburbs, commuting costs, including gas and public transportation, can quickly add up. This monthly expense can significantly impact your budget.
Entertainment is another consideration. Suburban and rural areas often lack the variety of entertainment options found in urban areas. This could mean more frequent trips to the city for leisure activities, which translates to additional fuel costs and wear and tear on your vehicle.
Then there’s the climate to think about. If you’re moving further inland, you might find yourself in a hotter microclimate during the summer months, leading to higher utility bills as you try to keep your home cool.
Lastly, that spacious suburban home you’ve been eyeing might come with higher maintenance costs. A larger house often means more expensive repairs and upkeep, which is another factor to weigh when considering your budget.
As a buyer, it’s essential to look at the entire picture before making a decision. While suburban or rural living might seem like a cost-effective choice, the associated expenses could outweigh the savings on your mortgage.