NAR recently conducted a study examining seven metropolitan areas with heavy access to public transit – Seattle being one of them.
Neighborhoods located within a half-mile of public transit services outperformed those farther from public transit based on a number of factors, according to a report released Monday by the National Association of REALTORS® and the American Public Transportation Association.
The report shows commercial and residential real estate market sales thrive when residents have mobility options. Residential properties within these areas had 4% to 24% higher median sale prices between 2012 and 2016, the report found. Commercial values in four of the regions saw median sales prices per square foot increase between 5% and 42%. Transit-oriented areas also provide costs savings for residents: The report showed an average annual savings of $2,500 to $4,400 in transportation costs for the typical household. One in four households in close proximity to transit doesn’t own a vehicle, according to the study.
Read the article here: How Much Public Transit Adds to Home Values