How much would you be willing to pay to shave a minute off your commute? For New Yorkers, the answer appears to be around $56 per month. That’s how much more New Yorkers pay in rent, on average, for a one-bedroom apartment that’s a minute closer by subway to Manhattan’s main business districts.They plot median monthly rental versus commuting time to the 42nd Street and Chambers Street subway stations. They fit, what appear to be non-parametric regressions, curves to four different groups of rentals: studios, and 1- ,2- , and 3-bedroom apartments. As expected, rental prices fall with a longer commute. From the 1-bedroom curve they estimate that, on average, a one minute shorter commute costs around $56 more a month.
Tuesday, September 6, 2016
Location is Time or Money
StreetEasy, the site FiveThirtyEight asks the question: