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The annual savings is $9,370 for a person who switches their commute to public transportation, according to the American Public Transportation Association's (APTA) October Transit Savings Report. Individuals who ride public transportation instead of driving can save, on average, more than $781 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 Oct. 27, 2015 average national gas price ($2.20 per gallon- reported by AAA) 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 2012 Colliers International Parking Rate Study, which is the most recent report available. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.

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