Access to public transportation boosts home values, according to study
A new study from the American Public Transportation Association and the National Association of REALTORS® says that neighborhoods located within a half-mile of public transportation have higher home values than those located farther from this service.
That’s good news for Chicagoans. Chicago is one of those major cities fortunate enough to have an extensive public transportation system. You can travel fairly easily throughout the city relying on the El, CTA buses and Metra trains.
This means that there are plenty of neighborhoods located near bus and train stops in Chicago. And it’s true: The value of condos and single-family homes in these neighborhoods do tend to be higher.
Why? People like living in transit-oriented neighborhoods. They want to be able to ditch their cars and walk to public transportation. Many of the Chicago neighborhoods located near train and bus stations are often filled with restaurants, grocery stores, retailers and entertainment, too. This means that residents here can also walk to these amenities.
Walkable neighborhoods, then, are in demand today, and that is boosting the sales prices of the single-family homes and condos in them.
According to the transportation association study, residential properties within areas that had access to heavy rail, light rail, commuter rail and bus rapid transit had median sale prices that were 4 percent to 24 percent higher from 2012 through 2016.
The association’s study only looked at home values in seven metropolitan regions, and Chicago wasn’t on this list. But anyone who lives in the city knows that close access to public transportation adds value to a condo or single-family home and increases the number of buyers interested in a property.
If you’re looking for a home in Chicago, then, and you’re interested in resale value, check out how far the property you are considering is from the nearest El stop or bus stop. This factor will make a big difference in how attractive your home will be to potential buyers.