As our society aims to become less dependent on carbon based energy, it is inevitable that demand for public transportation will increase. As a result, it can be expected that homes which are located close to public transportation routes will become more valuable.
A study by the American Public Transportation Association and the National Association of Realtors (NAR) confirms this. Homes near public transportation are currently valued higher that similar properties without good access to subway, bus, and rail lines.
The findings suggest that, on average, properties located within half a mile of public transportation infrastructure performed 41% better than properties outside that area.
"When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” said Lawrence Yun, chief economist for NAR.
Even in cities where public transportation is not as popular, like Oakville, the study suggests that houses tend to hold their value better when they are located closer to bus lines.
Photo Courtesy of Ryan Flores