{"id":16204,"date":"2019-10-15T12:25:07","date_gmt":"2019-10-15T12:25:07","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=16204"},"modified":"2019-10-15T12:25:09","modified_gmt":"2019-10-15T12:25:09","slug":"public-transit-adds-to-home-values","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/public-transit-adds-to-home-values\/","title":{"rendered":"Public Transit Adds to Home Values"},"content":{"rendered":"

Public Transit Adds to Home Values<\/h1>\n
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Public Transit Adds to Home Values<\/p><\/div>\n

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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 Monday by the National Association of REALTORS\u00ae and the American Public Transportation Association.<\/p>\n

The report shows commercial and residential real estate market 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\u2019t own a vehicle, according to the study.<\/p>\n

\u201cAccess 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,\u201d said NAR 2019 First Vice President Charlie Oppler. He spoke at a joint press conference Monday alongside New York State Association of REALTORS\u00ae President Moses Seuram and Paul P. Skoutelas, president and CEO of APTA, which represents public and private sector transportation entities.<\/p>\n

\u201cThe 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,\u201d Oppler said.<\/p>\n

The study, titled \u201cThe Real Estate Mantra \u2013 Locate Near Public Transportation<\/a>,\u201d explored seven metropolitan regions that provide access to heavy rail, light rail, commuter rail, and bus rapid transit: Boston; Hartford, Conn.; Los Angeles; Minneapolis-St. Paul, Minn.; Phoenix; Seattle; and Eugene, Ore. The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability.<\/p>\n

“Public transportation is a valuable investment in our communities, our businesses, and our country,\u201d Skoutelas said, not just because it helps residents get to work and school but also because it makes areas more attractive for relocating companies.<\/p>\n

But high demand and constrained supply have put upward pressure on neighborhoods with high-frequency public transportation. NAR has made it a priority to address affordability and supply issues, and Skoutelas said APTA is a partner in that effort. \u201cAs the conversation surrounding housing affordability continues,\u201d Skoutelas said, \u201cpublic 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.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Public Transit Adds to Home Values 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 Monday by the National Association of REALTORS\u00ae and the American Public Transportation Association. The report shows commercial and residential real estate market sales … <\/p>\n

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