A study released by ""American Public Transportation Association"":http://www.apta.com/Pages/default.aspx (APTA) and the ""National Association of Realtors"":http://www.realtor.org/ (NAR) suggested homes in close proximity to public transportation were much more resilient when faced with price declines during the recession.[IMAGE]
Data from the study found property values for homes near public transportation performed 41.6 percent better on average compared to homes not in ""transit sheds.""
The study compared property values from 2006 to 2011 for homes located near public transit systems and homes that were in a non-transit areas in five regions--Boston, Chicago, Minneapolis-St.Paul, Phoenix, and San Francisco.
Overall, the study found homes near public transportation in those regions were more stable and experienced smaller price declines during the recession.[COLUMN_BREAK]
Boston residential properties located near public transit systems outperformed other properties in the area by 129 percent, according to the report.
In Minneapolis-St Paul, homes near public transit areas were 48 percent higher than other properties in the region. The remaining three metros also saw significantly higher values when located in transit sheds: San Francisco (+37 percent), Phoenix (+37 percent), and Chicago (+30 percent).
""When homes are located near public transportation, it is the equivalent of creating housing as desirable as beach front property,"" said APTA President and CEO Michael Melaniphy. ""This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas and robust transportation choices.""
Homeowners in Boston who live near public transit systems save an average of $351 each month, the most out of the five regions, the NAR reported. San Francisco was a close second in terms of monthly savings and averaged $346. The monthly savings in Phoenix was the smallest, at $175.
""Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community's long-term economic well being,"" said Lawrence Yun, NAR's chief economist.