In car-reliant Phoenix — where nearly 93% of commuters drive to work — the cost of getting behind the wheel is taking a serious bite out of renters’ budgets.
According to the latest Point2Homes analysis, the annual cost of a car commute in Phoenix adds up to more than $7,000, while public transit costs just $768. For a renter household with a median income of $55,306 per year, switching to public transportation could result in savings of more than $6,300 annually — the equivalent of more than a month’s worth of earnings.
While driving does save time — around 41 minutes per day, or 7 full days per year — the tradeoff for many is a significant chunk of their budget.
Here are some of the highlights:
- In Phoenix, renters save nearly twice as much (11%) of their income compared to owners (who save just 6%) when switching to public transportation.
- Despite the potential for major savings, limited transit infrastructure helps explain why only 5% of all Phoenix commuters — and 3.4% of renters — use public transportation.
- Phoenix renters are among the most car-dependent in the nation, with 9% having access to a vehicle and 77.2% commuting by car.
- In the nation’s 30 largest cities, the average car commuter spends over $7,000 more annually than someone using public transit — nearly 15% of a renter’s median income.
You can explore the full study and interactive visuals, here: https://www.point2homes.com/news/research/commute-savings-car-vs-public-transportation.html.
