The annual savings for a person who switches their commute to public transportation is $9,286, according to the American Public Transportation Association's (APTA) November Transit Savings Report. Individuals who ride public transportation instead of driving can save, on average, more than $774 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 Nov. 23 average national gas price ($2.07 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.