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Value of Homes Near Transit Fared Much Better During the Recession

A new study conducted by the Center for Neighborhood Technology shows that homes in close proximity to transit stations lost much less of their value during the collapse of the housing market, reports Tanya Snyder.
March 24, 2013, 1pm PDT | Jonathan Nettler | @nettsj
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"If you live close to a transit station, chances are you’ve weathered the recession better than your friends who don’t," says Snyder. "Your transportation costs are probably lower, since you can take transit instead of driving. Transit-served areas are usually more walkable and bikeable too, multiplying your options. And while home values plummeted during a recession that was triggered by a massive housing bubble, your home probably held its value relatively well – if you live near transit."

"For the report, 'The New Real Estate Mantra: Location Near Public Transportation' [PDF], CNT looked at five metro regions — Boston, Chicago, Minneapolis-St. Paul, Phoenix, and San Francisco," and found:

Across the study regions, the transit shed outperformed the region as a whole by 41.6 percent. In all of the regions the drop in average residential sales prices within the transit shed was smaller than in the region as a whole or the non-transit area. Boston station areas outperformed the region the most (129 percent), followed by Minneapolis-St. Paul (48 percent), San Francisco and Phoenix (37 percent), and Chicago (30 percent).

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Published on Friday, March 22, 2013 in DC.Streetsblog
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