Being close enough to work to ride my bicycle was a big factor in me choosing what apartment I picked, and has been an equally big factor in the house I have chosen to purchase. It didn't have much to do with gas prices, I just enjoy riding my bike. And now that gas prices are higher its a nice perk.
My explorer gets 18-20 mpg on the highway, and 15-17 in the city. But I dont really drive all that much lately mostly just on the weekends or to the grocery store. once I get all the house stuff sorted out I will probably buy a bicycle trailer so I can haul groceries and other larger items with my bike.
http://bikesatwork.com/hauling-cargo-by-bike/
don't know if I'll go with that model its one of the more expensive ones.