Rising prices in Copenhagen mean people cannot afford to live centrally
Rising house prices in central Copenhagen mean that many buyers can no longer afford to live centrally. For many, however, living centrally is still one of the most important factors when choosing a home. We have therefore looked into how much homeowners commuting between the suburbs and central Copenhagen can save by buying a home in the areas just outside Copenhagen instead of central Copenhagen.
We did this in order to find out which suburbs best balance home price and travel time to central Copenhagen, as travel time to central Copenhagen, transport links and home prices are the three factors that play a major role in the decision about where Danes want to settle.
Founder and Chief Executive Officer Sebastian Beres explains:
“If you want to balance getting more home for your money with living centrally, it is therefore really useful to look at how much you can save for just one or a few extra minutes of travel”
To begin with, we looked at the average home prices in 20 towns located near Copenhagen with a direct train connection to Copenhagen Central Station (Københavns Hovedbanegård). From this we calculated the average house price in each of the 20 areas and compared it with the average house price in inner Copenhagen. We then looked at the S-train travel time from the selected areas to Copenhagen Central Station, and divided this time in minutes by the price difference between the two average house prices for Copenhagen K and each of the 20 areas.
The data shows that home prices in the 20 suburbs of Copenhagen fall on average by 132.989 kr. for every minute further away (by train) the home is from central Copenhagen.
Hvidovre at the top, Værløse at the bottom
Hvidovre tops the list with the biggest saving in home price per minute of the buyer’s journey. In Hvidovre the average house price is 3.059.168 kr., which is 3.008.992 kr. cheaper than the average house price in central Copenhagen. When we divided this saving by the 11-minute journey to inner Copenhagen, the result was a saving of 273.544 kr. on the buyer’s home price per minute of the train journey.
We found that the next-best areas to settle in, according to the study, are Ny Ellebjerg (226.152 kr.), Rødovre (224.852) and Brøndby Strand (198.417 kr.), where buyers save more than 190.000 kr. on their home price per minute of their train journey.
At the bottom of the list is Værløse, where you can achieve a saving of 74.116 kr. per minute of the train journey on your home. If you look solely at saving money while living as centrally as possible, Værløse is therefore not the best choice.
Below you can see the full table and how much you can save in each of the different towns and stations:
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