Will Rising Gas Prices Derail The Housing Market?
Every time I stop at the gas station to fill up my tank, my wallet lets out a little groan. It seems like every time we turn around, gas prices are increasing by a few cents – and although this may not seem like a big deal from one day to the next, it adds up to a big change by the end of the week! As the dollar bills started tallying up during my last fill-up, I got to thinking about the effect of gas prices on the Dayton OH real estate market. Although you might think that high gas prices would hurt the Dayton housing market, I think the opposite might actually be true.
Average Gas Prices Around $3.78 A Gallon In Ohio
Gasbuddy.com tells me that today’s gas price average sits right around $3.78 in the state of Ohio. Here in the Dayton area, you can probably find gas ranging anywhere from $3.65 to $3.90 – it always surprises me to see such a wide range of prices from one station to the next, but it’s quite common. As the gas prices creep closer to $4/gallon, I’m reminded of those good old days where $20 could get you a full tank of gas and dinner for two!
How Do Rising Gas Prices Affect Dayton Home Sales
So what do these ever-rising rates mean for the Miami Valley housing market? It means that most people are looking to live in a tight-knit community – close to family, friends, work, and entertainment options. And if that doesn’t scream “Dayton,” then I don’t know what does! Here in the Greater Dayton area, we pride ourselves on our cozy communities. Whether you buy a house in Beavercreek, Centerville, Springboro, or one of the many other Dayton area communities, you’ll have virtually anything you’ll need within a short drive (or walk or bike ride, if you’re really looking to save some cash!). If you’re looking for a home near your family or job, we would be happy to help you find the perfect home in the best community to meet your needs.
Rising Gas Prices Will Not Derail The Housing Market
Will gas prices affect a buyer’s ability to afford a home? In my opinion, probably not. If you’re ready to buy a home, you’ve probably already budgeted for fluctuations in these “normal” expenses – like gas, groceries, and utilities. While a sharp increase in gas prices might mean that you dine out less frequently or spend a little less money on entertainment, it shouldn’t have any effect on your bigger expenses, like mortgage payments, property taxes and homeowners insurance. If you’re still in the process of budgeting, keep these fluctuations in mind. We can never really predict when gas prices will soar or groceries will skyrocket – but a bit of financial planning can help you adjust to these changes as a homeowner.
