This month, the annual savings for public transit riders is $9,524, according to the American Public Transportation Association's (APTA) May Transit Savings Report. Individuals who ride public transportation instead of driving can also save, on average, more than $794 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 May 27 average national gas price of $2.74 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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