This report by the National Association of Realtors and the American Public Transit Association investigates how well residential properties located in proximity to transit have maintained their value as compared to residential properties without transit access between 2006 and 2011 in five regions: Boston, Chicago, Minneapolis-St. Paul, Phoenix, and San Francisco. Across the study regions, real estate near transit outperformed other properties as a whole by 41.6 percent. In all of the regions the drop in average residential sales prices in areas services by transit was smaller than in the region as a whole. In Boston real estate in areas serviced by transit outperformed the region the most (129%), followed by Minneapolis-St. Paul (48%), San Francisco and Phoenix (37%), and Chicago (30%).
Transit is hard to accomplish without density and walkability, which is why we are so excited about Dublin’s Bridge Street Corridor plan. The Bridge Street Corridor is an innovative and forward thinking New-Urbanist plan for redeveloping a neighborhood in the city of Dublin, Ohio. In this plan Dublin’s historical and cultural heart is strengthened and balanced by highly walkable districts and neighborhoods on both sides of the Scioto River. Exceptional green spaces preserve the outstanding natural features in the corridor and seamlessly connect each unique district along the corridor. Mixed-use districts bring together complementary arrangements of living, working, and recreation in memorable settings created by distinctive, human-scaled architecture and streets that invite walking and gathering. Greatly expanded choices in housing, employment, activities, and transportation attract new generations of residents, businesses and visitors.
This study by the Center for Housing Policy shows how public transportation can affect property values by comparing housing costs before and after public transit service was added or expanded. Studies have shown that proximity to public transit does infact lead to higher home values and rents in most cases.