Tools to track affordability and liveability

One of the great things about living on the Westside of Los Angeles is its location near the coast but still well within a big city’s many conveniences.  Yet because deciding where to live is an issue of trade-offs including price, size of home, type of home and neighborhood, it’s often challenging to objectively compare different options, and that’s where an informed broker can assist.

For those buyers who are not yet working with a broker, however, there are a couple of online tools both available and under development which can help to compare different neighborhoods.  The Department of Housing & Urban Development (HUD) has just awarded the Center for Neighborhood Technology a contract to create a national Housing and Transportation Affordability Index.

Given that transportation costs are generally the second largest expense in a household budget, the purpose of the index is to make these costs transparent so buyers and investors can make more informed decisions on housing choices.  In addition, the index will help build awareness that opting for a long commute in order to save on housing costs needs to be considered along with long-term expenses for transportation.  In some cases — such as during times of rising gas prices — higher commuting costs can more than outweigh the benefits of buying a cheaper home in a far-flung suburb.  HUD did not report when this new index would be made available.

For now, however, potential buyers and renters can calculate a specific home’s “Walk Score,” which assigns a score ranking its walkability to local services and transit options.  Launched in 2007, the company’s mission is simple:  to promote walkable neighborhoods.  In the case of the Westside, you’ll find the highest scores in places like Santa Monica and Venice and they’ll be lower in much of Malibu, Bel Air and Beverly Hills where residents prefer more privacy.  WalkScore has also added a new feature which can calculate your commute whether you drive, bike, walk or take public transit.

Want tips on different neighborhoods and transit options?  Contact us at Klein Real Estate and we’ll be happy to help!