U.S. markets open in 5 hours 3 minutes
  • S&P Futures

    4,155.00
    +8.25 (+0.20%)
     
  • Dow Futures

    32,812.00
    +55.00 (+0.17%)
     
  • Nasdaq Futures

    13,273.25
    +44.50 (+0.34%)
     
  • Russell 2000 Futures

    1,924.80
    +3.00 (+0.16%)
     
  • Crude Oil

    88.59
    -0.42 (-0.47%)
     
  • Gold

    1,791.60
    +0.40 (+0.02%)
     
  • Silver

    20.04
    +0.20 (+1.00%)
     
  • EUR/USD

    1.0191
    +0.0003 (+0.03%)
     
  • 10-Yr Bond

    2.8400
    0.0000 (0.00%)
     
  • Vix

    21.77
    +0.33 (+1.54%)
     
  • GBP/USD

    1.2089
    +0.0018 (+0.15%)
     
  • USD/JPY

    135.0600
    +0.0900 (+0.07%)
     
  • BTC-USD

    23,822.42
    +829.15 (+3.61%)
     
  • CMC Crypto 200

    552.81
    +17.59 (+3.29%)
     
  • FTSE 100

    7,465.94
    +26.20 (+0.35%)
     
  • Nikkei 225

    28,249.24
    +73.37 (+0.26%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Pennsylvania workers see fastest-growing commuting costs

In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Yahoo Finance's Brian Cheung discusses rising commuting costs, particularly for those in Pennsylvania cities.

Video Transcript

BRIAN CHEUNG: Well, time now for our Chart of the Day. And our chart is really more of a map. It's actually the state of Pennsylvania. And that's because, apparently, this is where the cost of getting to the office is rising the fastest, this coming from Axios via data from Overheard on Conference Calls. Apparently, five of the top 10 cities seeing the fastest rise were in the Keystone State. That's thanks to higher gas prices.

But Akiko, a big part of this input as well with the overall national average being around, I think it's $2,900 to commute is also including insurance for the car. So Scranton, Allentown, Philadelphia, Harrisburg, Pittsburgh-- don't know what's going on around there, but maybe people are having to drive farther, or insurance is getting [INAUDIBLE].

AKIKO FUJITA: Yeah, it feels like there's a common thread if they're all in the same state. By the way, the most expensive commute--

BRIAN CHEUNG: New York.

AKIKO FUJITA: Still New York City.

BRIAN CHEUNG: Yep, 4,000.

AKIKO FUJITA: $4,040.

BRIAN CHEUNG: Yeah.

AKIKO FUJITA: That's incredible, 47% higher than last year.

BRIAN CHEUNG: Yeah, well, I mean, I don't know how much that factors in people who take public transit versus-- I don't know if this is only car drivers have to [INAUDIBLE].

AKIKO FUJITA: I can't imagine it's just cars, right? I mean, we both walk into work, take public transit into work.

BRIAN CHEUNG: And you also worry-- you wonder how about how many of that figure is also coming from commuters actually in Eastern Pennsylvania. There are a lot of Eastern Pennsylvanians that commute all the way across the wonderful state of New Jersey to get into New York for work. So I mean, obviously, that would be a colossal amount of money right now. Also the remote work. I mean, why would you want to go into the office if you had the option right now?

AKIKO FUJITA: Well, I mean, that's the thing. That's the thing. Over in Philly, I mean, they're looking at companies having to pay for commuter benefits specifically, because especially right now, it's going to cost a lot to have to drive into work.