< Back to News

01/07

Miles Per House, Not Just By The Hour
Cynthia W. Bledsoe, Executive Director
Greater Towson Committee, Inc.

Soon consumers may be evaluating “house miles” when making a decision on their purchase of a home.  The number of miles a home is from work, shopping, school and entertainment may become a deal breaker, according to current real estate and land use experts who met last fall at an ULI (Urban Land Institute) annual gathering.

A connection is definitely being drawn between energy use and community design.  The cost of driving distances, along with the increased interest in sustainable environmental friendly development, may mean that “miles per house” could become a standard measurement of housing desirability.  Limiting driving miles makes a positive impact on the environment and demands the walkable, livable communities now emerging across our country.  The live, work and play lifestyle, where all three can be achieved within a short and safe walkable distance, contributes not only to a desirable way of life, but a healthier one for humans and the environment.  This is the mindset of our future’s homebuyers, workers and families.

A senior resident fellow of the ULI, Robert Dunphy, cites a 2005 survey of consumers, which found them willing to combine more trips and use mass transit more in order to cut down on fuel consumption.  On the average, transportation costs are the second highest homeowner expense, following only mortgage payments.  Dunphy proposes the “miles per hour” be calculated for specific living locations so consumers will have accurate knowledge of transportation costs for a particular area prior to purchasing a home.

Public funding for infrastructure has rarely been in such demand, yet federal funds are dwindling and states are struggling with the gap left behind.   Many believe private funding is the key to offset shrinking public budgets.  Other nations around the world have found success in offering investment opportunities through private equity funds that finance urban infrastructure such as roads, mass transit, utilities and energy or provide funding for commercial management entities which manage the same. 

In any case, although private infrastructure funds may help our current and future needs, public funding programs should set the framework and accept responsibility for this type of development and planning, according to Richard D. Baron, CEO of McCormack Baron Salazar in St. Louis.  “Urban areas can not endure the disinvestment by our government much longer,” he said.  “Until we start reinvesting, our cities will slip farther and farther behind the rest of the world.”

Infrastructure initiatives which bring public and private stakeholders to consensus through creative problem solving on these pressing issues will pave the way for urban renewal and revitalized town centers.  Those willing to evaluate current available funding and embrace non-traditional sources of new funding will provide a lasting imprint to the economy of their communities and gain the type of mileage needed for the future.

< Back to News