Short commutes keep home prices strong

I’ve long promoted the virtues of living close to your job. Nothing’s more wasteful than spending every weekday morning stuck on the highway.

Now, it turns out, that living just a short commute away from a major city can mean healthy home values, too.

A recent story on the NPR Website, which you can read here, says that housing prices have fallen the least in communities that are located just a short drive from major work centers. The story takes a look at the Washington, D.C. region. Housing prices in the metropolitan D.C. area, according to the story, did fall 11 percent in the last year. But nearby Ashburn, Va., which is located 40 miles from the center of D.C. has experienced a steeper fall, the story says.

The lesson here is clear: If you want your home to retain its value, it’s better to live somewhere where you’re not spending half the day driving to and from work.