The Benefits of Transit to Real Estate Values
"Property values of residential and commercial buildings increase dramatically when located close to transit, according to a joint study from the American Public Transportation Association (APTA) and the National Association of Realtors (NAR)," according to an article by Chris Teale.
Analyzing data from seven metropolitan regions (Boston; Eugene, OR; Hartford, CT; Los Angeles; Minneapolis-St. Paul; Phoenix; and Seattle),
"[t]he associations found that residential properties within a half-mile of public transit options (heavy rail, light rail, commuter rail and bus rapid transit) had a 4%-24% higher median sale price between 2012 and 2016." Similarly located commercial properties also gained value during the same time period.
Another key finding of the study pertained to the savings of residents who live near transit.
Now the question is how effective cities will be leveraging that knowledge to mitigate ongoing crises of climate change and housing affordability.