Public Transportation across the entire country is on the rise. It’s in the news almost every day. Increased ridership affects more than just the transportation service providers bottom line. It also affects a region’s property values, as shown by a recent Pennsylvanian study.
The Southeastern Pennsylvania Transportation Authority (SEPTA) needs significant infrastructure repairs and vehicle replacement to continue its current service routes. SEPTA figures that if it does not receive the necessary state funding for the repairs, they would be forced to implement a service realignment plan that would suspend 13 of their commuter rail lines and decrease two of their other routes in the next 10 years. In light of the funding crises, SEPTA commissioned a study to assess the system’s impact on communities.
The study, run by Econsult Solutions, Inc. found that the premium values property owners experienced around transit would vanish if SEPTA was forced into a realignment plan.
In short, “lack of financial support for public transportation not only inconveniences millions of riders who rely on buses, trains and trolleys to get to and from work, school and shopping, but cuts in services can have a devastating impact on a community’s property values, too potentially affecting even non transit users.”
Econsult Solutions Study Results: http://issuu.com/econsultsolutions/docs/esi_report-the_impact_of_septa_on_s
Article Source: http://www.metro-magazine.com/blog/transit-dispatches/story/2013/10/transportation-funding-and-service-cuts-affect-more-than-just-riders.aspx?ref=TransitDispatches-20131016&utm_campaign=TransitDispatches-20131016&utm_source=Email&utm_medium=Enewsletter