https://www.smartcitiesdive.com/news/property-values-thrive-near-transit-study-finds/564982/ Property values of residential and commercial buildings increase dramatically when located close to transit, according to a joint study from the American Public Transportation Association (APTA) and the National Association of Realtors (NAR).
The associations found that residential properties within a half-mile of public transit options (heavy rail, light rail, commuter rail and bus rapid transit) had a 4%-24% higher median sale price between 2012 and 2016. Meanwhile, in four of the seven regions analyzed, commercial property values saw a median sales price per square foot increase by between 5%-42%. The report analyzed seven metropolitan regions: Boston; Eugene, OR; Hartford, CT; Los Angeles; Minneapolis-St. Paul; Phoenix; and Seattle.
The report found that those who live near transit have dramatically lower transportation costs compared to those who live further away. In transit-oriented areas, each household on average saves between $2,500 and $4,400 each, with one in four households who live close to transit not owning a car.
