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® and the American Public Transportation Association.

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’t own a vehicle, according to the study.

“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. He spoke at a joint press conference Monday alongside New York State Association of REALTORS® President Moses Seuram and Paul P. Skoutelas, president and CEO of APTA, which represents public and private sector transportation entities.

“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,” Oppler said.

The study, titled “The Real Estate Mantra – Locate Near Public Transportation,” 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.

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

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. “As the conversation surrounding housing affordability continues,” Skoutelas said, “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.”

Warm weather and low taxes continue to have a big pull on where retirees choose to settle down in their golden years. Those pulls are prompting many older Americans to continue to relocate to popular retiree havens in the Carolinas and Florida.

U.S. News & World Report recently identified the best places to retire using criteria including housing affordability, taxes, health care, and happiness surveys. They analyzed data from 125 of the nation’s largest metro areas.

“Deciding where to retire is an important part of your life plan,” Emily Brandon, a senior editor for retirement at U.S. News, said in a statement. “When considering potential retirement spots, you should look for an affordable cost of living, proximity to health care services, and a strong economy, especially if you plan to work part-time.”

Some popular retiree spots in Florida continued to top U.S. News’ rankings but also other places like Lancaster, Pa., and Asheville, N.C., made it into the top five this year.

Here are the 10 best destinations for retirees according to U.S. News & World Report’s 2020 rankings:

1. Fort Myers, Fla.
Median home price: $219,200

2. Sarasota, Fla.
Median home price: $237,260

3. Lancaster, Pa.
Median home price: $196,025

4. Asheville, N.C.
Median home price: $248,500

5. Port St. Lucie, Fla.
Median home price: $211,083

6. Jacksonville,Fla.
Median home price: $174,658

7. Winston-Salem, N.C.
Median home price: $145,725

8. Nashville, Tenn.
Median home price: $248,883

9. Grand Rapids, Mich.
Median home price: $181,533

10. Dallas-Fort Worth
Median home price: $248,375

Certain home sales of $400,000 and below will no longer require an appraisal, under a new rule that takes effect today. Homes that qualify for the appraisal exemption can receive an evaluation instead.

This is the first time in 25 years that federal regulators have increased the property value limit of the homes that require an appraisal as part of the selling process. Federal regulators cited price appreciation in residential real estate transactions for the change.

The new rules likely apply to about 40% of home sales, regulators estimate. For properties that do qualify for the exemption, the agencies require institutions to obtain an evaluation that provides an estimate of the market value of the real estate property.

The new exemption does not apply to loans sold or guaranteed by the Federal Housing Administration, Department of Housing and Urban Development, Department of Veterans Affairs, Fannie Mae, or Freddie Mac; all will still require an appraisal.

The previous rule stated that appraisals were not required on home sales of $250,000 and below. The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve approved the new threshold over the last two months, and the rule appeared in the Federal Register this week, making it official on Wednesday.

The National Association of REALTORS® has advocated that any loan limit related to an appraisal exemption be tied to specific markets rather than a blanket number for the whole country. A $100,000 limit might be reasonable in some parts of the country, and a $500,000 limit might be reasonable in others, depending on average housing values, NAR says.

Read the final rule.