The cost of oil will reshape the global residential landscape. If I were to invest in real estate right now, I’d invest in property close to commercial and industrial areas of the city, because eventually America’s suburb’s will turn into ghost towns.
ABC News
Mike and Lyeng Boseman are a case in point. The couple fled the high cost of life in Los Angeles and settled for a more affordable life in suburban Encino, Calif. But their commute into downtown Los Angeles took two and a half hours daily. One year and nearly 200 tanks of gas later, the Bosemans said they did the math and realized they weren’t saving any money at all. “About every four days, we went through a whole tank of gas,” said Mike Boseman. “I went through a lot of gas!”
The Bosemans abandoned suburbia, and their car, and moved to neighboring Pasadena. “The public transportation system is really great,” said Mike Boseman, “It only takes about 35 minutes from door to door.” Others in California are being driven back to the city after losing their suburban homes in the wave of foreclosures. More
Sphere: Related Content