Living in City is better than Living in Suburbs for First Home Owners

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Living in the City is better than Living in the Suburbs for First Home Owners
Introduction
Whether to live in a city or suburb is the question that plagues most first-time home buyers. While both localities have their merits and demerits, the ultimate factors of consideration before buying a home are the cost of the house and the lifestyle in the neighborhood. After all, although most people want a quality life, they also do not want to live in a place that runs down their entire paycheck. The cost of a home is not just about the initial price of the house. It includes the cost of healthcare, the tax regime in the locality, and other daily expenses such as transport, groceries, and entertainment. Knowing all this, the question now becomes, where is it cheaper to live as a first home owner, whether in a suburb or in the city. At first glance, suburb life might seem cheaper than city life. One might also consider factors such as environmental pollution and the rampant congestion common in city life and decide to live in suburb. However, breaking down the average cost of living in the suburbs compared to buying a city house springs several surprises as it proves less expensive than living in the suburbs. It is, therefore, better for first-time home buyers to purchase city homes than suburb homes.
The cost and efficiency of transport are one of the most vital factors to consider before deciding the best location for your first home. Typically, the public transport network in most cities is better developed than in their neighboring suburbs. This allows many urban homeowners to abandon private cars, which are too expensive, altogether. According to a recent estimate by AAA, the average cost of owning and operating a car-includes gas, servicing, insurance and the price of the car is approximately a whopping $8,558 a year (DiClemente). This is a huge sum of money, which can be saved by buying a city home and abandoning car ownership in favor of public means which are way cheaper. Abandoning car ownership means one has to use a bus, subway or taxis/Uber. Uber is the most expensive means of public transport. However, the average cost of a single Uber trip is only $13.36 according to a survey by SherpaShare. This means that even if you take an average of twenty Uber rides a month you would only spend $3206.40 per year (SherpaShare, 2015). Other means, buses, and subways are far cheaper and therefore more suitable for a first home owner who may not be entirely financially stable. Why would you go over the expenses of buying and maintaining a car on a limited budget, while as a young person you could simply walk to work or take a cheap bus?
Food is a basic need for every human being. It is therefore of essence that one considers how much they are likely to spend on food before purchasing their first home or you could go hungry. According to the Bureau of Labor Statistics, the average US households spend about $4,015 annually on food (Data.bls.gov, 2018). A joint survey by the University of Pennsylvania and Columbia University also shows that despite conventional wisdom, food prices in the cities are lower than in the suburbs. The report explains that this is because cities enjoy a 20% larger supply of food products, thereby increasing the forces of competition. The increased competition culminates in cheaper food prices for city dwellers compared to suburban homeowners. For somebody who cares about their food, the city offers a much better proposition for a first home owner.
Naturally, every individual value their health. The cost of health services should, therefore, be among the most important points of consideration before deciding the location for your first home. While city hospitals might seem more expensive at first glance, a 2011 survey by the Bureau of Labor Statistics reports a different story. The report puts the average yearly spending on healthcare by suburban households at $3,426 while the average yearly healthcare expenditure for city households was $3,303 (Data.bls.gov). This might seem a slight margin considering it is a yearly expenditure.
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