This is the question posed on CityNerd video titled “Walkable Cities But They Keep Getting More Affordable”
If you ditched your car, could you afford to leave the suburbs for a great urban neighborhood?
Ray Delahanty answers the question in the 26 biggest US cities.
The analysis assumes the all-in cost of owning and operating a car is $1,000 per month, including purchase, insurance, fuel, and maintenance.
In the city, transportation costs might total about $250 per month for transit passes, biking, ride-hailing, and other small expenses.
This results in an effective $750 per month increase in the housing budget for city center residents who do not own a car.
The results of the video are quite interesting, as you can get more m² in walkable areas in most cities
1000 seems like a lot, but you need to factor in insurance, cost of parking, repurchasing fule, windshield washer fluids, oils, cabin air filters, car washes, heated seat subscriptions. It all adds up quickly.
And I know I must be missing stuff in this list as well like maintenance and depreciation of the vehicle as well.
Also parking costs are generally subsidized with city taxes for on street parking, but owning a condo or home with a driveway you could be looking at property tax attached to your home, and in a condo you may need to purchase the parking spot as a separate property.