Passenger rail, bus service boosts real estate values, report finds
The report explored seven metropolitan regions, including Boston, Los Angeles, and Seattle, that provide access to heavy rail, light rail, commuter rail, and BRT.
The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.
L.A. Metro
2 min to read
The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.
L.A. Metro
Neighborhoods located within one-half mile of public transit services outperformed those in areas farther from public transit based on several factors, according to a report released by the American Public Transportation Association (APTA) and the National Association of Realtors®.
“The Real Estate Mantra – Locate Near Public Transportation” highlighted the critical role public transportation plays in determining real estate values, revealing that commercial and residential real estate market sales thrive when residents have mobility options close by.
Ad Loading...
The report explored seven metropolitan regions, including Boston, Los Angeles, and Seattle, that provide access to heavy rail, light rail, commuter rail, and bus rapid transit. Residential properties within these areas had a higher median sale price of 4% to 24% between 2012 and 2016, the report found. Commercial property values also experienced gains in the studied cities, where four of the regions saw median sales price per square foot increase between five and 42 percentage points in areas close to public transit.
Data also showed that residents of transit-oriented areas experience lower transportation costs, have higher access to jobs and are less likely to own cars. Transportation costs in transit-oriented areas are significantly lower than other regions, with an average annual savings of $2,500 to $4,400 for the typical household. One in four households near transit do not own a vehicle, according to the study.
The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions, and housing affordability for properties near transit.
“Access to public transportation is a hugely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work, and raise a family,” said NAR 2019 First VP Charlie Oppler, who spoke at a press conference held during APTA’s TRANSform Conference in New York. “The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world.”
METRO’s People Movement highlights the latest leadership changes, promotions, and personnel news across the public transit, motorcoach, and people mobility sectors.
BART began offering select parking lots to non-BART riders to generate new revenue to help address its FY27 $376M operating budget deficit brought on by remote work.
Drawing on decades of industry experience, Evans-Benson offered insights into the differences between the two, along with tips for better customer engagement and more.
The renewals include continued operations at Fort Lauderdale-Hollywood International Airport in Florida; the PRTC in Virginia; and RTC Washoe in Nevada.
The governor’s proposed auto insurance reforms could save the agency $48 million annually by limiting payouts in crashes where buses are not primarily at fault.
What truly drives the cost of a paratransit fleet? Beyond the purchase price, seven operational factors quietly determine maintenance frequency, downtime, and long-term service reliability. This whitepaper explores how these factors shape lifecycle cost and what agencies should evaluate when selecting paratransit vehicles.
In this conversation, TBC’s Executive Director Ed Redfern, President Corey Aldridge, and Washington Representative Joel Rubin outline the coalition’s key policy priorities, the challenges facing transit agencies, and how industry stakeholders can work together to strengthen the voice of bus transit at the federal level.
Amanda Wanke, who has worked at DART for 10 years, including the past 2½ years as CEO, will join Metro Transit as deputy chief operating officer, operations administration.
