Proximity to Public Transportation Makes a Difference
Neighborhoods located within a half-mile of public transit services outperformed those farther from public transit based on a number of factors, according to a report released by the National Association of REALTORS® and the American Public Transportation Association. The report shows commercial and residential real estate sales thrive when residents have mobility options. Residential properties within these areas had 4% to 24% higher median sale prices between 2012 and 2016, the report found. Commercial values in four of the regions saw median sales prices per square foot increase between 5% and 42%. Transit-oriented areas also provide costs savings for residents. The report showed an average annual savings of $2,500 to $4,400 in transportation costs for the typical household. One in four households in close proximity to transit doesn’t own a vehicle, according to the study. “Access to public transportation is an extremely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work, and raise a family,” said National Association of Realtors 2019 First Vice President, Charlie Oppler. Source: REALTOR® Magazine
