A new report from the National Association of Realtors (NAR) and American Public Transportation Association (APTA) found that residential properties within a half mile of public transit had 4-24% higher median sale prices between 2012 and 2016.
Meanwhile, commercial property values also posted gains in the studied cities, where four regions reported median sales price per square foot rose between 5 to 42 percentage points in areas that are close to public transit.
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.
“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.”