It may seem like you’ve traded up when you moved into your four bedroom home in the suburbs. With a yard in the back and an open spacious kitchen, windows all along the house and the park and school just a few steps away. It’s hard not to fall in love with the fantasy, especially if you’re a new family, starting off your lives with the kids. But is it true that suburban living offers the dream of quality life along with substantial savings? You’ll have to look closely at the cost of living, as well as the expenses of commuting to get a fair analysis whether your life in suburbia is a dream come true, or a financial setback.
 
Research shows that a suburban home costs almost $200,000 less than a home in the city. But the cost of commuting is almost $10,000 per year, versus the $3,000 a year you’ll be spending on transit costs within the city. Adding along the monthly utility bills of water and electricity, and cost of home maintenance, you’re looking at an ongoing upward scale where the people who are living in suburbia continue to battle their income with their expenses.
 
Recent surveys and cost calculators have predicted that people living in suburbia will pay almost 1.3 million in living and travel costs over 40 years, and in comparison people living in the city will pay around 1.27 million for the same. It’s hardly a $30,000 difference. So is it really worth the price to pay? That would depend entirely on you. Whether you’re looking for a bbq and a backyard or a short walk to work, depending on how you prioritize your life, you’ll be able to better decide where you want to live. 
 
Choosing and investing in a home is a personal choice. While some value certain attributes, others find them unnecessary. It’s all about finding that balance that you need in order to have a life that you need, without giving up too much of your wants.
 
If you would like to chat more about housing choices, I would be happy to help you out with more information and the types of neighborhoods you can look into! Give me a call and let’s discuss your options of city life versus the suburbs.