Public Transportation and Your Home’s Value
Love it or hate it, public transportation can really increase your home’s value.
According to Realtor® Magazine, neighborhoods within a half-mile of public transit services have a higher sales price than those farther away.
Homes within these service areas had a 4% to 24% higher median sales price between 2012 and 2016. Not only that, but commercial real estate values also saw a rise of 5% to 42%.
Residents who live within these areas – one in four households – don’t own a vehicle. With transportation nearby, they have an annual savings of $2500 to $4,400.
It looks like public transportation = higher home value + more cash in your pocket.
High demand and a small pool of homes puts pressure on these neighborhoods. We’ll have to see where the future of home building and public transportation spending takes us.
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