Switching from a car to public transportation can lead to significant savings for renters, averaging about $7,000 annually. While the costs of a car commute exceed $8,000 a year on average, public transit costs only around $972. Given that renters typically earn about $4,000 monthly, this saving translates to nearly two months' salary. Homeowners do gain savings as well, but the percentage of income spent on commuting is substantially higher for renters, making public transit a financially advantageous option for them.
On average, whereas a car commute might equate to a little more than $8,000, taking the bus costs just $972 per year.
With a monthly income of around $4,000, the average U.S. renter household would save the equivalent of nearly two months' salary by choosing public transit.
For owners, the costs related to car commute represent 8% of their average annual income, whereas driving to work bites more than 15% out of a renter's salary.
It's a substantial amount for anyone, but it's renters who would benefit the most from switching to public transportation.
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