The new study titled “The New Real Estate Mantra Location Near Public Transportation” by the Center for Neighborhood Technology, compares residential property values of homes with access to transit to those in the region as a whole. Home values for five different regions (Boston, Chicago, Minneapolis-St. Paul, Phoenix, and San Francisco) between 2006 and 2011 were researched for the report.
All five regions consistently reported higher values for homes with access to transit. On average, residential property values near transit were 41.6% higher than the regional average. However, all transit is not created equal – homes near heavy rail, light rail, and bus rapid transit corridors had the highest values. Of the five regions, Boston ranked first in terms of the largest disparity in home values for those with transit access and those without. The Twin Cities came in second with home values near transit 47.8% higher than the regional average.
The study found that not only does transit access increase home values, but decreases the amount households spend on transportation as well. Research also suggests that transit access has helped surrounding communities weather the recession and housing bubble burst better than others.
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For the full study, click here.