While most studies show that millennials have a propensity for urban living, more have been looking to the suburbs recently, where prices are lower and inventory more plentiful. They are also looking for more space, as they age into their parenting years. That is where higher gas prices could take their real toll.
"With gasoline prices rising, mortgage rates rising, it is burdening the housing costs for people who are looking far away from job centers and downtown areas," said Lawrence Yun, chief economist at the National Association of Realtors.
"The cost of gas in DC makes you want to move elsewhere," said Eric Braxton, who is in the process of moving to Delaware. "The gas is probably a little cheaper there."
Of course, as with everything in real estate, location is key. States like California and Texas, where commutes are often farther and residents are more dependent on their cars, will see housing affordability hit harder.
"Properties closer to cities hold their values better," according to Danielle Hale, chief economist for Realtor.com, adding, "When gas prices have gone up, home sales have tended to go down, but it's not a strong correlation."
Not everyone believes gas price spikes are a factor in home sales these days. They say the correlation may actually be getting weaker, since the introduction of hybrid vehicles and ride-hailing companies.
"I have heard much less of this [gas prices] as an excuse for slow sales, even when prices spiked in the 2000s. I think the emergence of hybrids had a lot to do with that. Long distance commuters tend to get the appropriate car for the commute," added Burns.