The driverless revolution is underway, and whether that’s a frightening or exciting thought to you, its implications are worth considering. Forbes’ Gina Michelle explores five ways that automated vehicles will change the housing market. She writes:
Our transition to driverless cars will be a slow one. But as they make the incremental transition to our roads, the potential impact they have on the housing market is worth understanding. Perhaps they’ll change where you call home, what you do with that extra garage space, when you decide to sell or simply how you think about your commute.
First, Michelle says density in major markets will increase, since driverless cars will make their debut by rideshare companies in well-mapped cities before they hit the dealerships. Second, outlying markets will fill out as commute times can be used for working or relaxing, she notes.
Third, Michelle says housing turnover will decrease as driverless cars allow seniors to continue their lifestyle when they can no longer drive. Fourth, construction transportation costs will drop, as will home price appreciation. Fifth, garage spaces will be transformed into living spaces as owners get rid of cars or no longer need one.