The 3 New Rules of Real Estate: Location, Location, Transportation?
Results of a study conducted by the National Association of Realtors and the National Public Transportation Association has revealed a trend over the past several years. As most of us are painfully aware, these years have been a fairly depressed time for residential home values in many areas.
For those living near public transportation, however the story is a little brighter. Properties located near high frequency public transportation saw 42% higher performance than those not in a transit area.
According to the APTA, this means access to "five times as many jobs per square mile as compared to other areas in a given region." These areas also mean lower transportation costs and more walk-able neighborhoods.
The study looked at 5 regions. You can read a summary of their findings by going here.
The bottom line, however, is that buyers are seeing the value in properties with access to reliable public transporation. And, clearly, that is an amenity that holds its value regardless of the larger market.
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