Uber, Lyft, and Housing Prices

I shan’t give away the details, but I was planning my husband’s birthday earlier today and thinking about the logistics of getting to and from the destinations I have planned.  The fact that I know we can get easily to and fro, without looking for parking multiple times or worrying about having too many cocktails before driving is yet another modern convenience that I’m sure we take for granted.  And for a late January birthday, it’s comforting to know we can be dropped door to door at almost any destination point.  All of this got me thinking, if the convenience of services like Uber and Lyft have made getting in and out of the city or around the beltway, or back and forth between areas within Northern Virginia easier, what has that done to Real Estate prices?  Proximity to the city has always been one of the greatest variables in housing affordability.  Of course, all of these services come with fees.  But, does the access to such easy transportation make it more palatable to consider areas that used to seem outside the DC bubble? 

It turns out, BizJournals has been asking the same question…

In his article, Viewpoint: How the ‘Uberization’ of D.C. is affecting the value of your home, Clint Mann discusses how housing prices have soared in some areas over the last few years because convenience and accessibility problems have been solved by services such as Uber and Lyft.  I love studying variables within the housing market and it’s amazing how we can spend so much time looking at factors on a macro level and sometimes miss out on potential dynamics that are changing on a more local, metropolitan scale.  What do you think, does the idea of having more accessibility without having to worrying about parking and the hassles of driving yourself affect your viewpoint on where to purchase or rent? 

 

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