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How much can renters save by switching from a car commute to using public transit?

Point2Homes analyzed how much renters and commuters in the 30 largest U.S. Cities can save by switching from car commutes to public transit in 2023.
Despite a slight decline after the pandemic, about 69% of workers still drive to work alone, with driving costs linked to car ownership and related expenses.
Car commuting costs average around $8,000 annually, consuming more than 15% of renters’ income but only about 8% for owners, while bus commuting costs roughly $972 per year.
Renters could save nearly two months of salary, for instance, Manhattan drivers save $13,294 annually by switching to transit, where public transit costs are almost ten times lower.
These savings suggest renters benefit most financially from switching to transit, though in some cities, longer transit times make the car preferred despite higher costs.

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How much can renters save by switching from a car commute to using public transit?

Point2Homes calculates that with a monthly income of around $4,000, the average U.S. renter household would save the equivalent of nearly two months’ salary by choosing public transit over commuting by car.

4 days ago

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