Could Driverless Cars Drive Real Estate Values?
Imagine a world where humans never have to worry about wasted commute times. Imagine being able to use that time to work, spend quality time with your kids, plan dinner, or catch up on some much-needed z’s.
Sounds magical, doesn’t it? That magic could be coming to a street near you, as driverless cars are poised to become mainstream technology worldwide.
As Tesla, GM, and BMW clamber to get their fleets on the streets, these autonomous cars could have a far-reaching effect on industries other than auto.
When the human is removed from behind the wheel, the potential for error diminishes. Therefore, safety precautions such as auto insurance, parking tickets, speed traps, and law enforcement may no longer be needed.
These vehicles could also have a significant impact on the real estate market. When autonomous cars become the new norm, public transit will no longer be the go-to for those who are unable to drive.
The loss of public transit could have a domino effect on the real estate industry, since cities would no longer be built around transit systems. What was once considered less desirable residential real estate may become more popular because of the distance from transit hubs. According to an article in Forbes, these areas could offer a “greater appeal [that] could translate into increasing demand and rising property values.”
Driving to Savannah from Hilton Head and Bluffton would not seem as far. This would allow people to have a wider range of job opportunities that would not be based on distance. Would Atlanta even be in the mix if you didn’t have to drive? It could possibly allow for more people to live in this area.
The long-reaching impact these cars will have on society is still being mapped, but it should make for an interesting ride.