Motorists spend an average of 17 hours a year searching for spots on streets, in lots, or in garages. The hunt adds up to an estimated $345 per driver in wasted time, fuel, and emissions, according to the analysis by INRIX, a leading specialist in connected car services and transportation analytics.
Overpaying — caused by drivers’ inability to estimate how long they need to park or forking over extra at a garage to avoid the risk of getting a parking ticket — costs Americans more than $20 billion a year or $97 per driver, the report estimated.
Once you find your parking spot, there’s also the cost for parking. This is most expensive in the largest cities. In 2019, Parkopedia released its third annual update on the 50 most expensive cities for short-stay, daily and monthly paid parking.
Parking in New York City —if you find it—could cost $37 off-street for just two hours. The next highest, Chicago, costs about $21. The top 10 most expensive cities for monthly parking all cost over $200 per month, with New York costing a hefty $655. Boston rolls in at second place at $337, and Jersey City and San Francisco in third and fourth place, respectively, both costing around $300 a month.
On-street two-hour parking in New York, is only about $8, making parking off-street 344 percent more expensive than parking on-street. Parking on the street in Denver will save you 542 percent, which is the most compared to parking off-street. Only Miami Beach has cheaper average prices for paid 2-hour off-street parking.