A recent MReport article discussed a study done by the American Public Transportation Association. The study found that public transportation impacts housing prices. The report showed that homes within a mile of public transit have higher sale prices. The APTA came to this conclusion by studying several metros in different cities across the country. For example, they studied Boston, Los Angeles, and Phoenix. Residential areas that had either rail or bus stations within half a mile had an average of 4-24% higher sales prices.
WHY DOES PUBLIC TRANSPORTATION BENEFIT HOME PRICES?
The APTA president Paul Skoutelas stated, “Public transportation is a valuable investment in our communities, our businesses, and our country”. Skoutela explains how public transportation is more than getting people from one place to another. It allows people to get to and from work and other opportunities. Also, in communities where public transportation is widely used, transportation costs are lower. For instance, average savings for households that take advantage of public transportation are between $2,500-$4,400. The study found that one in four homes that live near a rail or bus station do not own a car. Living in a neighborhood with public transportation is desirable, therefore these homes are in high demand.
Click here to read the full MReport article and learn more about how public transportation impacts housing prices.
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