The True Cost of Commuting: Save Hundreds Every Year for Each Mile You Move Closer to Work [Infographic]

We all know that driving to and from work every day is costly, but exactly how much of a toll does each mile of commuting take on your finances? This True Cost of Commuting graphic breaks it down.

Taking stats and calculations previously mentioned by Mr. Money Mustache, the infographic illustrates just how expensive commuting is. Each mile you live from work costs $795 in commuting expenses per year (assuming a driving cost of 34 cents per mile and factoring time lost with a salary of $25 per hour). $795 a year for just one mile! You could buy a house worth $15,900 more with that, as Mr. Money Mustache pointed out in his article, since $795 would cover the interest on a 5% mortgage rate.

If you don't want to calculate in the time-is-money factor, each mile (one way) of commuting will cost you $170 a year. It's a compelling reason to move as close to work if you can (or bike to work or telecommute).

The numbers are even scarier if you look at dual-commuting households, use the IRS 51 cents per mile estimate, and multiply over 10 years. Take a look (click to expand):

The True Cost of Commuting | Streamline Refinance

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Source: http://feeds.gawker.com/~r/lifehacker/full/~3/rsqlsYijeU0/the-true-cost-of-commuting-save-hundreds-every-year-for-each-mile-you-move-closer-to-work

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