Ever wonder how really affordable your house or apartment is? So have I and the Housing and Transit Affordability Index will show you the numbers. Based solely on rent cost, my apartment is fairly affordable, at 17% of my income. However, if you add in transportation costs, it more than doubles, to 40% of my income.
If I compare the annual cost of driving to work versus the annual cost of transit, I find that I’m saving a ton by working from home and taking the bus whenever I can. The difference is amazing: $51 for transit a year, versus $2,048 for a car per year. The cost of transit is spread out across all riders, while the cost of operating your car is solely in your hands and your pocketbook. It costs more to own a car than to take the bus.