Interest in urban homeownership fueled by higher gas prices

A recent study of Coldwell Banker sales associates indicates a rising interest in urban living due to the high cost of gasoline. While 96 percent of the 903 sales associates surveyed report that rising gas and oil prices are a concern to their clients, 78 percent report that higher fuel costs are increasing their desire to live in an urban setting.

According to the Coldwell Banker survey, the primary reasons for this interest in urban living are related to work commute and energy-efficient modes of transportation:

• 81 percent cite minimizing the work commute as a reason for the interest in urban living.

• 54 percent agree that access to public transportation is appealing.

• 75 percent agree that the ability to walk to more places is a positive.

"Over the last several years, interest in downtown living in Chicago and Milwaukee has boomed," said Fran Broude, president and COO, Coldwell Banker Residential Brokerage. "This trend is apparent all over the United States as more than half of the surveyed sales associates nationally have seen an increased interest in urban living compared to five years ago."

Coldwell Banker sales associates also reported they have seen an 84 percent spike in interest for properties with a home office, as compared to five years ago, indicating a trend towards telecommuting.

While the study found that 64 percent of surveyed sales associates report their clients increasingly look for homes with green amenities that could save on heating, cooling and electricity costs, only 42 percent surveyed believe saving on energy costs are a reason for their client's interest in urban living.