How Will Falling Gas Prices Affect Massachusetts Home Buyers?

Home buyers have various wants and needs important to them when purchasing a home. With gas prices above $3 per gallon, living within walking distance of public transportation has been an increasingly popular priority for Massachusetts home buyers over the past few years.

Gas prices have plummeted $1 or more in some communities in the Bay State over the past year, according to AAA of Southern New England, so the cost of driving to work will certainly have less of an impact on consumers wallets over the coming months and possibly longer, bringing down monthly costs and allowing potential home buyers the opportunity to save more money.  

The least expensive regular gas price in the state as of January 2, 2015 was $1.99 per gallon at Petro Max in Southbridge, according GasBuddy.com. Sal's in Holbrook was the closest at $2.07 per gallon. 

Although it is hard to predict the future price of gasoline, there isn't any doubt that the cost to drive to work is about 25 percent or more less expensive than a year ago. Similar to real estate, the price of gas seems to vary greatly from town to town. For example, the lowest price GasBuddy.com found in Quincy, MA was $0.20 less than the lowest price found in neighboring Milton, MA. 

Less expensive gas may result in home buyers taking a closer look at less expensive homes a little farther away from Boston. 

Gas prices and protecting the environment are not the only reasons to live near and choose to use public transportation. According to a study released in March 2013 by the American Public Transportation Association and the National Association of Realtors, Boston real estate values during the last recession performed 129 percent better on average if they were located near public transportation with high-frequency service.

Will lower gas prices affect your home-buying plans in 2015? Will you consider buying a less expensive home a little farther away from Boston now?