NAR analysis found proximity to transit links benefits more than just price
Real estate near public transit links is more likely to be sold for a premium and have additional benefits too.
A new report from the National Association of Realtors (NAR) and American Public Transportation Association (APTA) found that residential property within a half mile of public transit services in seven metro regions studied - Boston; Hartford; Los Angeles; Minneapolis-St. Paul; Phoenix; Seattle; and Eugene, OR - had 4-24% higher median sale prices between 2012 and 2016.
Commercial property in the studied cities also saw gains with median sales prices per square foot increasing between 5-42% in four of the regions.
"Public transit's benefits go beyond moving people from point A to point B," said APTA President and CEO Paul P. Skoutelas. "Public transportation is a valuable investment in our communities, our businesses, and our country. Public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers."
Lower transportation costs
The study found that 1 in 4 households near transit links do not own a car with transportation costs in the most transit-oriented areas significantly lower, saving the average household between $2,500 and $4,400.
"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 NAR 2019 First Vice President Charlie Oppler, who spoke at Monday's press conference along with 2019 New York State Association of Realtors® President Moses Seuram. "The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world."
The study warns that inventory is constrained in areas with strong transit links as demand grows.
"As the conversation surrounding housing affordability continues, public transportation agencies are critical allies in working with elected officials and community leaders in the effort to increase housing opportunities and maximize value around stations," said Skoutelas.
