{"id":12431,"date":"2019-09-30T16:37:17","date_gmt":"2019-09-30T23:37:17","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=12431"},"modified":"2024-06-03T13:58:53","modified_gmt":"2024-06-03T20:58:53","slug":"public-transportation-property-values","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/public-transportation-property-values\/","title":{"rendered":"Does Living Near Public Transportation Increase Your Property Value?"},"content":{"rendered":"<p>Americans took <a href=\"https:\/\/www.apta.com\/news-publications\/public-transportation-facts\/\">9.9 billion trips on public transportation<\/a> in 2018, a boost in ridership outpacing the growth of the country\u2019s population\u2014and making living near public transit a hot ticket.<\/p>\n<p>The American Public Transportation Association (APTA) of Washington, D.C., released the ridership statistics earlier this year, emphasizing public transportation\u2019s economic and community benefits. Among the advantages of leaving the driving to someone else? Property <a href=\"https:\/\/www.homelight.com\/home-value-estimator\">values<\/a> near high-frequency public transportation traditionally perform <a href=\"https:\/\/www.apta.com\/news-publications\/public-transportation-facts\/\">42%<\/a> better than in other areas, according to APTA.<\/p>\n<p>While that percentage might vary in individual markets, proximity to transit is a top concern for buyers interested in smoother commutes and a walkable community feel.<\/p>\n<p>\u201cBeing close to public transportation is, no doubt at all, going to raise the property value,\u201d said Chicago real estate agent <a href=\"https:\/\/www.homelight.com\/agents\/matt-laricy-il-mlaricyamericorprecom\">Matt Laricy<\/a>, a 17-year veteran agent whose average price point is $409,000.<\/p>\n<p>He estimated that being near public transportation increases property values at least 15% in the downtown Chicago market, as well as its suburbs. At least one-quarter of his potential buyers search for properties that are within a 10 to 15-minute walk of <a href=\"https:\/\/www.transitchicago.com\/\">Chicago Transit Authority<\/a> (CTA) service, especially the city\u2019s elevated trains, he said.<\/p>\n<p>\u201cIf you live in a suburb \u2026 [and] have a house that\u2019s closer to the train station, it will be worth more money as well. Way more money,\u201d he said.<\/p>\n<p>However, not all types of public transit enhance property values, even within the same market. Pricing depends on several factors, including accessibility, noise, and other neighborhood perks. Read on to find out more.<\/p>\n<figure id=\"attachment_12433\" aria-describedby=\"caption-attachment-12433\" style=\"width: 700px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train.jpg\" class=\"attachment-content size-content\" alt=\"A train that provides public transportation and increases property values.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train-64x37.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train-128x73.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train-192x110.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train-432x247.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-train-500x286.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-12433\" class=\"wp-caption-text\">Source: (Tim Gouw\/ Unsplash)<\/figcaption><\/figure>\n<h2>More than one way to get somewhere<\/h2>\n<p>According to APTA, public transportation is a <a href=\"https:\/\/www.apta.com\/news-publications\/public-transportation-facts\/\">$71 billion industry<\/a> that encompasses many different modes, including:<\/p>\n<ul>\n<li>Buses<\/li>\n<li>Subways<\/li>\n<li>Light rail<\/li>\n<li>Commuter trains<\/li>\n<li>Trolleys and streetcars<\/li>\n<li>Monorails and tramways<\/li>\n<li>Cable cars<\/li>\n<li>Vanpool services<\/li>\n<li>Ferries and water taxis<\/li>\n<li>Paratransit services for people with disabilities and senior citizens<\/li>\n<\/ul>\n<p>Research from the Center for Real Estate and Urban Analysis at George Washington University in Washington, D.C. shows that <a href=\"https:\/\/cpb-us-e1.wpmucdn.com\/blogs.gwu.edu\/dist\/a\/326\/files\/2019\/06\/FTA19.pdf\">investment in transit, in general, has spurred real estate growth<\/a> in Detroit, Miami, Pittsburgh, and Los Angeles, as well as revitalized suburban town centers. What\u2019s more, rent in accessible and walkable urban places (or WalkUPs) has increased by 19% since 2010, this research shows.<\/p>\n<p>Millennials (62%) and members of the Silent or Greatest Generation (or those born before 1944 \u201455%) in particular prefer walkable communities, shorter commutes, and access to public transit, according to the National Association of Realtors\u2019 Community and Transportation Preference Survey.<\/p>\n<p>The survey polled 3,000 adults living in the 50 largest metropolitan areas nationwide and found that <a href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/documents\/2017%20Topline%20Results.pdf\">62%<\/a> said that having public transit nearby was important to them. In addition, 60% said that they would be willing to pay \u201ca little or a lot more\u201d to live within walking distance of parks, shops, and restaurants. Young women (39%) especially prioritized being near public transit.<\/p>\n<h2>Public transit at its best: convenient and speedy<\/h2>\n<p>Not all cities have the same quality of public transportation. The personal finance website, WalletHub, this year compared transit in 100 cities across 17 key metrics. The <a href=\"https:\/\/wallethub.com\/edu\/cities-with-the-best-worst-public-transportation\/65028\/\">cities that scored the best<\/a> as far as accessibility, convenience, safety, and reliability are:<\/p>\n<ul>\n<li>Seattle, Washington<\/li>\n<li>Boston, Massachusetts<\/li>\n<li>San Francisco, California<\/li>\n<li>Washington, D.C.<\/li>\n<li>Madison, Wisconsin<\/li>\n<li>Jersey City, New Jersey<\/li>\n<li>New York, New York<\/li>\n<li>Reno, Nevada<\/li>\n<li>Honolulu, Hawaii<\/li>\n<li>Portland, Oregon<\/li>\n<\/ul>\n<p>Transportation costs are second only to the costs of housing, adds the Center for Neighborhood Technology (CNT) of Chicago, which has developed a searchable <a href=\"https:\/\/www.cnt.org\/tools\/housing-and-transportation-affordability-index\">Housing and Transportation Affordability Index<\/a> where people can see how their neighborhood ranks with both the cost of housing and transportation as a percentage of income.<\/p>\n<p>Most transportation decisions in community planning, for decades, have been based upon the assumption that every household will <a href=\"https:\/\/www.cnt.org\/transportation-and-community-development\">own at least two cars<\/a> for residents to drive wherever they need to go, the CNT adds. Focusing on transit-oriented development improves people\u2019s access to jobs, schools, and other needs while also benefiting businesses, developers, and the environment.<\/p>\n<p>The speed and convenience of public transit is already a huge draw for buyers who weigh it against other factors such as inclement weather and driving time. In Chicago, which ranked 25 in WalletHub\u2019s evaluation, the bus is popular, but buyers by far prefer proximity to the train, Laricy said.<b>\u00a0<\/b><\/p>\n<p>\u201cYou could live in a suburb like Lakeview, which is where the Cubs play, and you can make it down to the Loop in 20 minutes on the train,\u201d he said. \u201cIt\u2019s a big attraction to be able to walk to the train and get right to work.\u201d<\/p>\n<p>Chicago is known for its <a href=\"https:\/\/www.usclimatedata.com\/climate\/chicago\/illinois\/united-states\/usil0225\">cold winters<\/a>\u2014the average high temperature in January is 35 degrees Fahrenheit, with an average low of 18 degrees Fahrenheit\u2014so families that have no car or only one car say proximity to transit is a must-have.<\/p>\n<p>\u201cWinters are rough in Chicago,\u201d Laricy said. If a property isn\u2019t near the train but residents can catch a nearby bus to the train or their destination, \u201cthat\u2019ll be a big plus.\u201d<\/p>\n<p>Condo prices earlier this year bear this out, according to research from real estate research company <a href=\"https:\/\/www.irr.com\">Integra Realty Resources<\/a> of Denver, Colorado. The combined median listing price of condos for sale in March in the Wicker Park and Logan Square areas\u2014which are along the CTA\u2019s Blue Line\u2014was $535,000, <a href=\"https:\/\/blockclubchicago.org\/2019\/03\/15\/blue-line-boom-condo-prices-in-wicker-park-logan-square-outpacing-lincoln-park-lakeview\/\">substantially higher<\/a> than the combined median list price of $490,000 in the lakefront areas Lincoln Park and Lakeview.<\/p>\n<p>However, the connectivity to the Blue Line was just one advantage, according to the nonprofit news organization <a href=\"https:\/\/blockclubchicago.org\/about-us\/\"><i>Block Club Chicago<\/i><\/a><i>.<\/i> Buyers also received more square footage at those prices.<\/p>\n<p>Even so, for some buyers, square footage matters less, Laricy said. \u201cPeople will sacrifice a lot to walk to the train \u2026 like a half-bath or something. You\u2019d be surprised.\u201d<\/p>\n<figure id=\"attachment_12435\" aria-describedby=\"caption-attachment-12435\" style=\"width: 700px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars.jpg\" class=\"attachment-content size-content\" alt=\"Dollars representing public transportation property values.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars-64x37.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars-128x73.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars-192x110.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars-432x247.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-dollars-500x286.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-12435\" class=\"wp-caption-text\">Source: (Vitaly Taranov\/ Unsplash)<\/figcaption><\/figure>\n<h2>Transit itself doesn\u2019t equal dollars<\/h2>\n<p>Closeness to public transportation is like any other amenity in real estate: it doesn\u2019t exist in a vacuum.<\/p>\n<p>Research in the journal <i>Sustainability<\/i> this year examined how urban rail transit influenced residential property values in China, looking not just at the location of public transportation but <a href=\"about:blank\">neighborhood and property characteristics<\/a>. The age of a building negatively impacted property values while the biggest enhancement came from having a supermarket nearby. Transit provided value when it helped people access something else they found desirable, such as shopping, banking, or medical care.<\/p>\n<p>For transit truly to benefit property values, it needs to be competitive with\u2014and more attractive than\u2014other transportation modes, said <a href=\"https:\/\/www.tandfonline.com\/doi\/full\/10.1080\/01441647.2016.1174748#abstract\">research from McMaster University of Ontario<\/a> about transit\u2019s impact on land values over the past 40 years.<\/p>\n<p>If a neighborhood already has convenient access to a highway system, or cycling and pedestrian options, a new transit line isn\u2019t as much of a perk, McMaster University researchers told <a href=\"https:\/\/www.citylab.com\/faq\/\"><i>CityLab<\/i><\/a>, a publication focusing on urban design, environment, transportation, and living. Transit \u201ccan definitely push up the value of land\u201d in <a href=\"https:\/\/www.citylab.com\/transportation\/2016\/04\/transit-station-property-value-study\/479730\/\">far-flung or traffic-clogged neighborhoods<\/a> where residents weigh factors such as traffic congestion, fuel costs, and parking, these researchers said.<\/p>\n<p>Transportation also has its drawbacks, notably noise. Potential buyers skittish about road noise aren\u2019t likely to be eager to live near a rail station or tracks where the noise level (about <a href=\"https:\/\/www.theguardian.com\/lifeandstyle\/2016\/aug\/31\/new-york-city-subway-trains-noise-pollution-jet-engine\">80 to 96 decibels<\/a>) is about as loud as a jet engine.<\/p>\n<figure id=\"attachment_12436\" aria-describedby=\"caption-attachment-12436\" style=\"width: 700px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit.jpg\" class=\"attachment-content size-content\" alt=\"Public transportation in a city with increased property values.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit-64x37.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit-128x73.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit-192x110.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit-432x247.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/public-transportation-property-values-transit-500x286.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-12436\" class=\"wp-caption-text\">Source: (Daniel Lord\/ Unsplash)<\/figcaption><\/figure>\n<h2><b>Pricing your home near public transit<\/b><\/h2>\n<p>To price your home right, consider how popular public transportation is in your area, as well as your proximity to it. If you\u2019re in an urban area or one that involves a commute and you\u2019re within walking distance or a quick drive, \u201cit\u2019s the first thing you put in your listing,\u201d Laricy said.<\/p>\n<p>Some clients who think their place is worth as much as another\u2019s sometimes don\u2019t consider how the latter is near any public transportation while they are not. \u201cThat\u2019s a much better location and going to go for, like, 15% more because of that,\u201d he said.<\/p>\n<p>If you\u2019re so close to public transit that you can see and hear it outside your home, talk to your real estate agent about <a href=\"https:\/\/www.homelight.com\/blog\/how-to-sell-a-house-with-road-noise\/\">anything that could help mitigate the noise<\/a>\u2014or about pricing your home accordingly. Laricy estimated reducing the price about 15% for clients\u2019 whose properties abut the train tracks.<\/p>\n<p>That said, residents who live on \u201ctrain streets\u201d notice the noise less than those who are directly across the street, or several feet away from the tracks. For those properties, Laricy points out when they\u2019re \u201cnot on the track side.\u201d<\/p>\n<p>\u201cThat way, you\u2019ll get more looks,\u201d he said. \u201cIt\u2019s a healthy balance. You want to be close enough that you can walk to it, but not too close that you can hear it.\u201d<\/p>\n<p>If you find living near public transportation too much of a headache, talk to your real estate agent about other plusses your property has that could outweigh that potential negative. But if living near public transit is something you\u2019ve enjoyed, chances are, potential buyers will too\u2014and reward you with a substantial offer.<\/p>\n<p><em>Header Image Source: (Luca Bravo\/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Living near public transit is often a hot ticket, but not all types of public transit enhance property values, even within the same market.<\/p>\n","protected":false},"author":76,"featured_media":12432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[320,333,330],"tags":[735],"class_list":["post-12431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-increase-value","category-house-value","tag-what-makes-property-value-increase"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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