select
|

Global Insight: Commuter Cities - how do housing costs and travel times compare?

(Article by Kate Everett-Allen)
 
Knight Frank’s latest analysis compares average commuting times, housing costs and transport methods across eight major cities.


 
The findings show that although Los Angeles and Jakarta compare favourably to Hong Kong when it comes to property costs, commuting times can be cumbersome. Rome and Shanghai are all-round performers offering both comparatively low housing costs and short commutes.
 
The decision whether to buy a property in the city centre with a minimal commute or a more affordable property on the outskirts, where travel costs tend to be higher, is one that millions of commuters toy with every year and one we thought merited further investigation.
 
Our analysis measures the time taken to travel to each city’s Central Business District (CBD) from the city’s respective prime residential area (e.g. in London’s case from Marylebone to The City) and the most common method of transport adopted by commuters.
 
Comparing the world’s top three financial centres, New York (£1,723/sq ft, Midtown Plaza District) marginally edges London (£1,800/sq ft, Marylebone) on housing costs and commuters also enjoy a significantly shorter journey to Manhattan’s CBD (10 minutes) than they do to The City of London (25 minutes). However, with the introduction of Crossrail in London in 2018 we expect New York’s competitive advantage to narrow.
 
In Hong Kong, Mid-Levels Central is home to the highest housings costs of all the prime markets analysed (£2,716/sq ft) and a typical commute to the CBD takes 15 minutes with where walking combined with a bus journey is the most common mode of transport.
 
In Rome it would take you roughly five minutes, the shortest travel time of all eight cities, to travel from the prime district of Rione Colonna to the city’s CBD. The cost of housing is also significantly less at £807/sq ft. Shanghai also compares favourably, here the journey from the upmarket area of Xintiandi (£943/sq ft) to The People’s Square, would take only 10 minutes by metro.
 
Lastly, the three cities which offer the lowest housing costs in our survey are Jakarta (£493/sq ft, Menteng), Los Angeles (£669/sq ft, Beverly Hills) and Mumbai (£750/sq ft, Napean Sea Road) – coincidently these are also the only cities in which driving is seen to be the most common travel method to work.
 
Taking the analysis one step further we have also compared several key commuter locations for each city, assuming the CBD is the place of work in each case.



















  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK