Switching from driving to public transit can yield significant financial savings for renters. While the average American driving to work incurs an annual commuting cost of about $8,000, public transit usage lowers that to just $972. This switch could save a renter, who typically earns around $4,000 monthly, nearly two months' salary. Such savings account for over 15% of a renter's income, demonstrating how impactful public transportation can be for budgeting, especially when compared to homeowners, who experience smaller proportional savings.
On average, a car commute might equate to a little more than $8,000, while taking the bus costs just $972 per year, allowing significant savings.
Renters, with a monthly income of around $4,000, could save nearly two months' salary by choosing public transit over driving, totaling around $7,000 annually.
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