Study: Parking Costs Angelenos $3.7 Billion A Year

LOS ANGELES (CBSLA.com) — Parking is a pain in America’s most congested city.

A new study finds that Los Angeles drivers trail New York with the most painful parking experience — spending 85 hours per year searching for parking, at a cost of $1,785 per driver in wasted time, fuel and emissions.

The report from car services and locations analytics company INRIX also finds that L.A. drivers collectively spend $796 million each year overpaying for parking.

Nationally, according to the survey, searching for parking costs Americans $73 billion a year. Americans spend an average of 17 hours per year searching for parking, resulting in a cost of $345 per driver in wasted time, fuel and emissions.

Almost two-thirds of American drivers (61 percent) reported they felt stressed trying to find a parking spot and one-quarter (23 percent) experienced road rage.

“Our country’s parking pain has widespread impact – on drivers, cities, the economy and the environment. Thankfully, it’s a problem that can be improved through education, technology and partnerships.” said Bob Pishue, senior economist at INRIX. “To lessen the burden parking pain has on our economy and quality of life, drivers, parking operators and cities must adopt smart parking solutions.”

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