Own a car, or use public transit? It’s a classic debate full of trade-offs.
For most Americans, quicker commutes and the convenience of car ownership outweigh the pros of using public transit. But that comfort often comes at a steep price, averaging around $8,137 per year when factoring in fuel, insurance, maintenance and parking, according to a study by Point2Homes, a resource for renters that publishes market research.
For the average homeowner, that’s 8% of their income, but for the average renter, it’s 15%, the study found. Meanwhile, public transit costs commuters on average less than $1,000 per year – a more than $7,000 annual difference, notes the study's author, Andra Hopulele.
“This financial imbalance underscores how transit affordability can play a key role in household budgeting, particularly for lower- and middle-income renters,” Hopulele told USA TODAY. “The trade-off is clear: significant cost savings versus modest time gains. For budget-conscious commuters, especially renters, public transit can offer meaningful financial relief.”
Debating buying a car versus sticking to the bus route and metro system? Here’s what to know:
Commuters can save thousands by ditching cars in some of the nation's most well-known cities, according to the study. Three of the top five cities where ditching a car will save more than $7,000 a year are in California.
They are:
While saving money is always nice, for some Americans, time is money.
Point2Homes calculated the average amount of time drivers save on their work commutes in each city by subtracting the average car commute times from the average public transit commute times Americans reported in the Census American Community Survey.
Two California cities where opting for public transit saves consumers some of the most money also rank in the top 10 of places where owning a car saves Americans the most time on their way to and from work.
They are:
Reach Rachel Barber atrbarber@usatoday.com and follow her on X @rachelbarber_
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