A study by the Natural Resources Defense Council, documented by Autopia, analyzed foreclosure rates in San Francisco, Chicago and Jacksonville. Their findings? Mortgage holders in ‘compact neighborhoods,’ where car ownership isn’t mandatory, were less likely to face foreclosure than suburban homeowners. How much less? In terms of the Chicago market, 2.7% less.
The study cited such variables as the volatility of gas prices and rising insurance rates. Fuel costs, prior to the spike in 2008, accounted for 17% of an average household’s income.
Speaking just for myself, of course, I’ll give up my cars and bikes when they pry the keys from my cold, dead hands. I’d rather eat ramen and peanut butter than forego the joys of senseless top down motoring, or the rush of acceleration when I grab a handful of throttle. Living in an urban hipster commune, reliant entirely upon public transportation, isn’t my idea of the American dream; in fact, it’s closer to my vision of hell. Give me the suburbs any day, with three cars and a bike overflowing from my two and a half car garage. I’ll worry about budgeting to pay my mortgage, thanks.