Stroud's choice represents a fundamental shift in the way more Americans are approaching home buying in this era of ballooning gas prices. Real estate agents, transportation officials and industry surveys indicate that home buyers are placing more importance on cutting their gas bills and commute times than they have since the oil shocks of the 1970s.
And there are some early indications that homes near urban centers, and subway, train and bus stops are often selling faster and at better prices than those in the distant suburbs.
Gas prices, which have shot up $1.07 this year, are magnifying demographic trends that show more younger buyers and empty-nest seniors are moving back to urban centers. If gas prices continue their ascent, this could have profound consequences over time on the future development of American cities and suburbs and modes of transportation.
Homes in cities and neighborhoods that require long commutes and don't provide enough public transportation alternatives are falling in value more quickly than more central locations, according to a May study by CEOs for Cities, a network of U.S. urban leaders.
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