Finding parking takes time and time is money.
A new INRIX study crunched the numbers to find out just how much it costs Americans to search for parking every year. The transportation information website combined the world's largest parking database with survey results from nearly 6,000 drivers in 10 U.S. cities to reveal the cost of parking for drivers, cities and the economy.
INRIX found that on average, American drivers spend 17 hours per year searching for parking. The headache-inducing task of finding an open spot cost $345 per driver in wasted time, fuel and emissions- equivalent to a collective $73 billion. Many U.S. drivers also overestimate how much time they will spend in a parking spot and overpay to avoid a parking ticket.
On average, American drivers will pay for 13 hours of unused parking a year, adding up to $97 per driver or more than $20 billion.
The INRIX study found New York drivers top the list with the most time and money spent on parking. Big Apple drivers spend an average of 107 hour a year searching for a place to park, costing $4.3 billion to the city as a whole. Los Angeles follows close behind with 85 hours and $3.7 billion in costs, trailed by San Francisco at 83 hours and $655 million in costs.
According to INRIX, the average American only receives one parking ticket every five years. However, motorists in New York and Los Angeles surveyed reported receiving more than one a year.
The study also found, most Americans overpay in parking more than they pay in parking tickets.
Parking troubles hurt more than just drivers.
INRIX found, more than 60 percent of people surveyed said they avoid driving to a location due to lack of parking. This directly and dramatically impacts businesses. Nearly 40 percent reported avoiding a shopping center because of parking, while another 20 percent said they don't drive to work over parking issues.
Surprisingly, another 20 percent of people said they avoid driving to the hospital or doctor's office for appointments due to low parking.
Nearly a quarter of people said parking gave them road rage. Other issues reported by those surveyed were missed appointments and stress.