The annual savings is $9,234 for a person who switches their daily commute by car to taking public transportation, according to the American Public Transportation Association's (APTA) March Transit Savings Report. Individuals who ride public transportation instead of driving can save, on average, more than $769 per month.
The savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle, which includes the March 23, 2016 average national gas price and the national unreserved monthly parking rate numbers.
APTA releases this monthly Transit Savings Report to examine how an individual in a two-person household can save money by taking public transportation and living with one less car.
The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the latest report of the Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.