Living near a public transit line can be a desirable perk in crowded cities, but a recent study revealed that it also helps keep home prices stable.
During the last recession (2006 to 2011), the drop in average home sales prices was significantly smaller in neighborhoods within a half-mile of public transit lines than elsewhere in five U.S. metropolitan regions, according to the study released by the National Association of Realtors and the American Public Transportation Association.
The Bay Area was one of the regions in the study, which found that property values near public transit lines here outperformed other local neighborhoods by 37 percent.
During the recession, when all home values were down, values near San Francisco transit lines were 62 percent higher than those in the region as a whole. The region also included Alameda, Contra Costa, Marin, and San Mateo counties.
Across all regions in the study — which also included Boston, Chicago, Minneapolis-St. Paul, and Phoenix – residential property values performed 42 percent better on average if the homes were located near public transportation.
The study also found that public transit neighborhoods provided access to three times as many jobs as other areas, and transportation costs were significantly less.
“When homes are located near public transportation, they are among the most valuable and desirable in the area,” APTA President and CEO Michael Melaniphy said in a statement accompanying the report. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region.
“Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas and robust transportation choices.”
(Photo courtesy of Uzvards, via Flickr.)