Rising Gas Prices Could Draw People Back to the City.

Posted by The Lohser Group Cleveland on Thursday, June 19th, 2008 at 5:39am.

There has been a lot of talk about the horrors of rising gas prices.  It will probably be the main topic of debate in the upcoming presidential election.  The fact is, if you really want people to react and pay attention to something it usually occurs when it hits their wallet.  I can’t lie, I am often the same way.

 

If there is a silver lining in all of this it is that these bloated gas prices can only positively affect downtown Cleveland city real estate.  Gone are the days where working families could justify driving 45 minutes each way to work so they could live in some far off suburb isolated from their job in the city.  

 

Suddenly people are realizing that maybe living in the city isn’t such a bad idea, and oh by the way, the tax abatement and reduced rate financing doesn’t hurt either.  

 

The fact is, driving an hour and half to work and back each day was always a bit silly but as I said before, it usually takes some pain in the pocket book to shake people back into reality.  When home prices are falling and property taxes are rising suddenly that secluded suburban home may not seem like the best idea anymore and city living suddenly looks a lot more attractive.  

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