3 Ways Sitting in Traffic Costs You Money
Now that the pandemic is over, many companies have requested that people return to the office and rush hour traffic is back. While fighting the morning commute is a headache, it’s also costing you money. Here’s how.
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Time Is Money
Ever wonder how much time you spend commuting? A lot! According to the transportation analytics firm INRIX, “The typical American driver lost 51 hours in congestion [in 2022], up 15 hours from 2021 but still nearly 50% below pre-pandemic levels.”
Higher Fuel Prices
The report also revealed how much money Americans are losing because of traffic. “As a result of the return to the office, higher fuel prices, and inflation, congestion cost the average driver $869 in time lost, up $305 from last year, and higher fuel costs saw an average increase of $129 more being spent at the gas pump to commute.”
Rising Oil Prices
Another reason why traffic is hitting driver’s pockets is because of oil prices. “2022 was shaping up to be a year of re-emergence and a return to a new, post-pandemic behavioral norm, but that halted with the rise in oil prices, supply chain disruptions, and inflation,” Bob Pishue, transportation analyst at INRIX said in the report.
“Despite geopolitical and economic uncertainties, we continued to see a rise in global vehicle miles traveled, a return toward traditional morning and evening peak commutes, growth in public transportation use, and continued gains in downtown travel,” he added.
Top 10 U.S. Cities Drivers Spent the Most Time in Traffic
Here’s a look at the top 10 cities where drivers lost the most time and money in traffic during 2022, according to the report.
Chicago, IL: 155 hours delayed (+7%); $2,618
Boston, MA: 134 hours delayed (-10%); $2,270
New York, NY: 117 hours delayed (-16%); $1,976
Philadelphia, PA: 114 hours delayed (-20%); $1,925
Miami, FL: 105 hours delayed (+30%); $1,773
San Francisco, CA: 97 hours delayed (0%); $1,642
Los Angeles, CA: 95 hours delayed (-8%); $1,601
Washington, D.C.: 83 hours delayed (-33%); $1,642
Houston, TX: 74 hours delayed (-9%); $1,257
Atlanta, GA: 74 hours wasted (-10%); $1,257
It’s not just drivers in the largest cities who are affected. Roanoke, VA has a population of 95,811, and commuters in the area lose $629 annually as a result of being stuck in 25 hours of traffic and wasting an additional 11 gallons of fuel, per a report from TRIP, a national transportation research non-profit.
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This article originally appeared on GOBankingRates.com: 3 Ways Sitting in Traffic Costs You Money
