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Home prices 42% better near public transport


During the recession, residential property values in the US performed 42% better, on average, if they were located near public transport with high-frequency service, according to a new study released by the American Public Transportation Association (APTA).

 

21 March 2013 - During the current economic downturn residential property values in the US where hit hard, but those located near public transport with high-frequency service performed 42% better, on average, according to a new study released by the American Public Transportation Association (APTA).

 

"When homes are located near public transport, they are among the most valuable and desirable in the area," said APTA President Michael Melaniphy. "This study shows that consumers are choosing neighbourhoods 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. Other attractive amenities in these neighbourhoods include lower transport costs, walkable areas and reliable transport options."

 

The study,"The New Real-Estate Mantra: Location near Public Transportation," investigates how well residential properties located within 1km of high-frequency public transport or near public transport depots have held their value during the recession compared to other properties in a given region.

 

Indeed, while US residential property values declined substantially between 2006 and 2011, properties close to public transit showed significantly stronger resiliency. For example in Boston, residential property outperformed other properties in the region by an incredible 129%. Meanwhile in the Chicago public transit area, home values performed 30% better than the region.

 

"Stable property values in areas with public transit access have a number of policy implications," said Melaniphy. "As Congress, State and local governments look for ways to accelerate economic growth, this study shows that investing in public transport is a boon to revitalising the economy."

 

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