The Center for Neighborhood Technology (CNT) recently published that “residential real estate sales prices for properties located near transit are more resilient than in the broader metropolitan region.” Despite the recent drop in residential real estate prices, average sale prices for homes within walking distance of public transportation significantly outperformed regions without direct access.
The CNT study, The New Real Estate Mantra: Location Near Public Transportation, focused on five major regions, Boston, Chicago, Minneapolis/ St. Paul, Phoenix and San Francisco. In Boston, transit-served areas surpassed non-transit areas by 129%; and in Minneapolis/ St. Paul, 48%.
Additionally, supplement CNT data shows that residents located near transit have greater access to jobs and lower average transportation costs than the region as a whole.
“Stable property values in areas with public transit access have a number of policy implications,” said American Public Transportation Association (APTA) President and CEO Michael Melaniphy. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”