Mar 25, 2013
Homes near public transit weather the economic storm better
25 Mar 2013
Posted by Andrew Kantor
A new study says that homes near public transportation seem to be more ‘recession resistant’ than homes further away.
This comes from the American Public Transportation Association, so my first reaction was to take it with a grain of salt. (Shocker: "Public transportation association says public transportation is good.") But then I saw it was done with the good folks at NAR as well, so I’m inclined to give it the benefit of the doubt.
The study didn’t say that homes near public transit were worth more than those further away. What it did find was that, during the recession, homes close to bus and train lines were less affected by the economy.
While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency.
In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent.
Go ahead: Read all about it.