… for whatever it’s worth…

This month we highlight a recently-released report by the American Public Transportation
Association (APTA) and the National Association of Realtors. According to its findings,
homes near public transit retained their value better during the Great Recession than their
counterparts in auto-dependent areas.

What’s impressive is the extent of it: In five metropolitan areas—Boston, Chicago,
Minneapolis-St. Paul, Phoenix, and San Francisco—residential property values performed 42
percent better on average if they were located near public transportation with frequent
service.

The study, The New Real-Estate Mantra: Location Near Pubic Transportation, measured home values between 2006 and 2011, a period when they declined substantially overall.

“When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” says Michael Melaniphy, APTA’s president and CEO. Neighborhoods with high-frequency public transportation, Melaniphy says, provide access to three to five times as many jobs per square mile as other areas in a region. Other benefits of living near good public transit: lower transportation costs, walkable neighborhoods, and a variety of transportation choices.

Views expressed in this article do not reflect an official position or policy of the NKAPC. The article is presented here to provide input for those interested in land use planning issues.