10/18
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.
For more real estate news, check out AmeriTitle’s blog here.