Where & Why to Live Downtown
Benefits
Most downtown dwellers will tell you that the real benefit of living downtown is being within walking distance of their job, the theaters, entertainment, restaurants and the vibrancy of being an urban resident. There are cost benefits to living downtown such as gas savings, commute time and more.
Costs Differentiation
It is often the belief that it is more expensive to own a home, or rent in downtown than elsewhere in the city. If you take a look at the cost comparisons, you might be surprised at how your monthly expenses are actually lower owning or renting in downtown than elsewhere in the city or suburbs.
Downtown Condo Ownership and HOA fees versus Home Ownership
Based on 1800 sq. ft.
| Monthly Costs | Downtown Condo | Suburban Home |
|---|---|---|
| yard | $100 | |
| insurance | $100 | |
| maintenance | $40 | $150 |
| water/wastewater | $40 | |
| natural gas | $25 | |
| trash | $20 | |
| gasoline | $25 | $70 |
| HOA fees* | $312 | |
| Total | $377 | $505 |
*Home Owners Association Fees based on average of $0.24 per sq. ft.
Renting a one bedroom downtown apartment/loft versus renting outside of downtown
| Monthly Costs | Downtown | Outside Downtown |
|---|---|---|
| rental rate | $1100.00 | $850.00 |
| *time commute cost | $68.00 | $268.00 |
| **gas commute cost | $0.00 | $49.41 |
| ***taxi cost | $0.00 | $30.00 |
| Total | $1168.00 | $1197.41 |
*Time commute cost for downtown is based on a 5 minute walk twice daily, multiplied by $20/hour, multiplied by 20 days. Time commute cost for suburbs is based on a 20 minute drive twice daily, multiplied by $20/hour, multiplied by 20 days.
**Gas commute cost is based on a 12 mile drive each way, 20 days a month, 17 miles per gallon, $1.75/gallon gas.
***Based on one trip home per month from downtown after consuming one too many cold beers.