 locations close to public transit boost residential commercial real estate values locations close to public transit boost residential commercial real estate values admin wed 6032020 2120 locations near public transit boost real estate values new joint apta and nar study examines the relationship between real estate value and public transportation in seven us metropolitan regions a new report highlights the critical role public transportation plays in determining real estate values a new report highlights the critical role public transportation plays in determining real estate values washington october 14 2019 neighborhoods located within a halfmile of public transit services outperformed those in areas farther from public transit based on a number of factors according to a report released today by the american public transportation association 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 the report explored seven metropolitan regions boston hartford los angeles minneapolisst paul phoenix seattle and eugene or that provide access to heavy rail light rail commuter rail and bus rapid transit residential properties within these areas had 424 higher median sale prices between 2012 and 2016 the report found commercial property near public transit also witnessed value gains in the studied cities where four of the regions saw median sales prices per square foot increase between 542 transportation costs in transitoriented areas are significantly lower than in other regions with an average annual savings of 2500 to 4400 for the typical household one in four households in close proximity to transit does 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 public transit s benefits go beyond moving people from point a to point b said apta president and ceo paul p skoutelas public transportation is a valuable investment in our communities our businesses and our country public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers access to public transportation is an extremely 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 vice president charlie oppler who spoke at monday s press conference along with 2019 new york state association of realtors president moses seuram 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 neighborhoods with highfrequency public transportation are in high demand while property values and rents have risen contributing to healthy local economies the rapidly increasing demand for housing near public transit has resulted in constrained housing supplies as the conversation surrounding housing affordability continues public transportation agencies are critical allies in working with elected officials and community leaders in the effort to increase housing opportunities and maximize value around stations said skoutelas to read the full study visit  narrealtor transportationandinfrastructure  the american public transportation association apta is a nonprofit international association of 1500 public and private sector organization which represents a 71 billion industry that directly employs 430000 people and supports millions of privatesector jobs apta members are engaged in the areas of bus paratransit light rail commuter rail subways waterborne services and intercity and highspeed passenger rail this includes transit systems planning design construction and finance firms product and service providers academic institutions transit associations and state departments of transportation apta is the only association in north america that represents all modes of public transportation apta members serve the public interest by providing safe efficient and economical transit services and products the national association of realtors is america s largest trade association representing more than 13 million members involved in all aspects of the residential and commercial real estate industries title carousel header button carousel content that s who we r nar identifies top 10 housing markets for millennials during the pandemic shiny new deals for realtors  pending home sales rise 15 in september image  