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Housing Options Exercise: Estimating Transportation

There are many different types of housing in which you may live. Some types of housing are more Transportation Options Expenses
affordable than others, and certain types of housing have advantages over others. Here is a list of Here are some of most common forms of
different housing choices and a few things to consider about each: transportation, along with the good and bad How much will it cost you to get around this
features of each: month? Estimate your transportation expenses
Types of Housing Things to Consider Car: for the month, then track the actual cost and see
Shelters ƒ Low to no costs ƒ Not available in every area Pros: Flexible- you can go at any time, can how you did.

ƒ Little privacy ƒ Can fill up quickly carry more people Expense Estimated Actual
ƒ Short term only Cons: Purchase cost, maintenance, gas, Cost Per Cost Per
Public Housing ƒ Low cost – based on income ƒ Longer term parking Month Month
Public Transportation: (bus, subway, train) Car
ƒ You need to apply ƒ Need to prove eligibility Pros: Fixed costs, most are on time, no car payment
ƒ There are selection preferences (income level, identity, etc.) maintenance, no parking Cons: gas
Low Income or ƒ Cost is set at a lower rate ƒ More affordable option for Fixed hours, limited space, may take longer, insurance
extra stops
Rent Controlled ƒ Cost is set for a period of time medium to low income Ride Share: (With a friend or coworker, or license plates/tax
For Evaluation Only apartment Walking or riding a bike: parking
ƒ No state/city support on cost
ƒ No control over rent increases
Renting ©2017 Learnovation®, LLC ride service) maintenance (oil
(home/apartment) ƒ Moderate costs ƒ You do not own the home/ Pros: Lower costs, no extra costs change, tires, etc.)
Cons: Less flexible, can be unreliable, safety
ƒ Low down-payment
concerns
tolls
ƒ Maintained by landlord
Owning/buying ƒ High cost ƒ Maintenance costs Pros: Low costs, exercise Public
transportation
Cons: May take longer, you need to be in shape,
ƒ Can deduct interest on taxes
ƒ May need high down payment
you may get sweaty or tired.
fares to/from work
ƒ Higher insurance costs
ƒ You own the home
fares for errands
Other
Renting a Home or Apartment Public Transportation Total
What you can afford is a key point in renting a home or apartment. There are many benefits to renting Using public transportation will depend on
that can make it a better choice than buying a home. Consider the following benefits: what is available where you live. If you live ƒ Does the schedule of operation match my needs?

ƒ Flexibility if you are in a career that may require moving or you are just starting to live on your own. in the city, you will have more choices. Metro ƒ Do all systems operate late at night or early in
ƒ No unexpected costs to pay like routine home repair, new appliances, or new flooring. systems run through the city as bus lines, the morning?
subways, or commuter trains. Ask yourself ƒ What is the cost of a pass to ride?
ƒ Ability to rent a newer apartment or house when you may have to buy an older one. the following questions about public
ƒ You don’t have to fix things that break. transportation: ƒ How long will it take me to get to work?
ƒ You may have benefits of a fitness room or pool to enjoy.