Yes indeed! When the price of oil & gas goes up, so does the price of real estate …! A recent study from the Brookings Institute points out that the age-old real estate wisdom of, “Location, location, location,” and it cuts both ways. By studying changing home prices in Clark County, Nevada, as gas prices changed, the authors found a statistically significant relationship between the two. As you might expect, homes that were a significant commute of 24 minutes or more from the city of Las Vegas suffered a price decline of approximately $7,800. However, homes close to the city center enjoyed a price bump of $5,600. That showed homebuyers were still willing to shell out for shelter, but they were adapting to higher gas prices by choosing closer neighborhoods.
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