"For the most part, property values increase around transit stations. Often, the range of the increases is between 25 to 30 percent higher than the growth non-transit neighborhoods. Unfortunately, these same studies about property values have not examined the underlying causes of these price increases. Despite that, many observers simply assume proximity to transit is the most important factor.
Lots of factors influence private investment, including public safety, access to jobs, quality housing, tax rates, financing, and zoning. Access to transit is likely far down the list compared to these other factors.
A closer look at the numbers suggests that actual transit ridership has little relationship to the private investment around transit stations."