Photo credit: Michael Barera via Wikimedia Commons
How much can being near a transit station benefit a home’s value? $2,040 to be precise. That’s how much one Transit Score percentage point can increase home values, on average, according to new analysis from national real estate brokerage Redfin.
This new research makes it clear that homes are more valuable when they are near transit stations with frequent service. One missing part of that equation is how useful that transit is. After all, living near a transit station isn’t that helpful if the transit doesn’t go to your job. As technology and data get more sophisticated, it will hopefully be possible to figure out how variables like access to jobs play into home values. And while this might be good news for homeowners, it does not help places already struggling with housing affordability near transit.
Nevertheless, it is always interesting to see new quantifications of transit’s economic impact. One such study available in the TODresources library is “Development Impacts Of The Dart Light Rail System,” which shows the economic gains the Dallas, TX region has seen from real estate construction near transit.
Recent TOD news
Here’s what has been happening this week at TOD projects across the country.
- How the overworked, unstable El just might be saving Philadelphia — Billy Penn
- Public transit hubs great for homeowners, not so great for affordable housing — Seattle Post-Intelligencer
- Building a Better BART — Tech for Housing
- Photos: How MARTA proximity is transforming an Atlanta neighborhood – Curbed Atlanta
- Some Cities’ Development Around CTfastrak Highlighted On Busway’s 2nd Anniversary – Hartford Courant
- Sound Transit CEO says agency won’t blow $54B chance for development around transit – Puget Sound Business Journal