Individuals who ride public transportation instead of driving can save, on average, $823 this month, and $9,880 annually, according to the American Public Transportation Association’s (APTA) May Transit Savings Report.

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 9, 2012 average national gas price and the national unreserved monthly parking rate.

The national average for a monthly unreserved parking space in a downtown business district is $155.22, according to the 2011 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,863.

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.