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Real estate editor Maryann Haggerty and columnist Elizabeth Razzi respond to a question adapted from a recent online chat.
College Park: What will be the effect of higher fuel prices and declining home prices in the exurbs? Can people even afford to commute from there, and do they even want to when they can afford to live closer in?
Elizabeth Razzi: Not everyone works in the city; they may have fairly short commutes within the 'burbs. And a big new house on a cul-de-sac remains the ideal for many -- declining prices will just make one more attainable. Unfortunately, most new neighborhoods are designed so that every errand requires driving.
Maryann Haggerty: Metro-accessible neighborhoods have long demanded premium prices, all other things being equal. Weak school districts and crime have held down some close-in areas.
Indeed, the biggest drops in home value we have seen in this region have been in the far-out areas. But is this energy price spike enough to turn around a 60-year pattern of flight from America's cities, then its inner-ring suburbs? I don't know. There are an awful lot of people who like having elbow room.
E.R.: I expect that folks in the exurbs will buy super-efficient cars and lobby harder for bike lanes, sidewalks and better bus and rail service. Over time, the 'burbs could become more like the city.
The next Real Estate Live chat will be 1 p.m. Aug. 22.
