Easy access to public transportation provides several advantages to community residents, including a boost to commercial and residential real estate values, according to a report released this week by the National Association of REALTORS® (NAR) and the American Public Transportation Association (APTA).
“Access to public transportation is an extremely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work and raise a family,” said NAR 2019 First Vice President Charlie Oppler. “The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world.”
The study analyzed rent, neighborhood characteristics, housing affordability, local government interventions and residential/commercial sales from seven metropolitan regions of the United States, NAR reported. The regions were: Boston; Eugene, OR; Hartford; Los Angeles; Minneapolis-St. Paul; Phoenix; and Seattle. Read “The Real Estate Mantra: Locate Near Public Transportation.”
Commercial and residential real estate markets thrive when residents have “mobility options” within a half mile of their neighborhoods, the NAR reported. In addition to increasing the median sales prices of real estate, nearby access to public transportation by bus or rail reduced transportation costs, too.
“Public transit’s benefits go beyond moving people from point A to point B,” said APTA President and CEO Paul P. Skoutelas. “Public transportation is a valuable investment in our communities, our businesses, and our country. Public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers.”
Get more details about the positive effects of public transportation on real estate from NAR.