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Friday, March 22, 2013
Study: Home values performed better near public transportation systems
Residential property values during the last recession performed 42 percent better on average for homes located near public transit systems with high-frequency service, according to a new study released yesterday by the American Public Transportation Association (APTA) and National Association of Realtors® (NAR).
Titled, "The New Real Estate Mantra: Location Near Public Transportation," the study examined how residential properties within a half mile of high-frequency public transportation systems or in the "public transit shed" held their value during the recession compared with properties in a given region, APTA and NAR officials said in a joint prepared statement.
"Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real estate near public transit will remain attractive to buyers going forward," said NAR Chief Economist Lawrence Yun.
Although residential property values declined substantially between 2006 and 2011, properties close to public transit systems showed "significantly stronger resiliency," officials said.
The study examined five regions that illustrated the types of U.S. high-frequency transit systems, including subway, light rail and bus rapid transit.
"This study shows that consumers are choosing neighborhoods with high-frequency public transpiration because it provides access up to five times as many jobs per square mile as compared to other areas in a given region," said APTA President and Chief Executive Officer Michael Melaniphy.
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