Answering the Age-Old Question – How Proximity to Transit Impacts Property Values

Last year, the American Public Transportation Association came out with a comprehensive look at the impacts of public transportation for our nation. In addition to addressing the magnitude of how the country’s expanding transit infrastructure is improving mobility, creating jobs, stimulating the economy (generating $4 dollars from every dollar spent on transit infrastructure), reducing dependence on foreign oil, improving the environment, and more., the study provides the latest answer to the question that is asked over and over when planning a new transit project…

How will building transit near my home (or business) impact my property value?

This is an important question, and below is what APTA’s research found:

The study provides results from all around the country that highlight how proximity to transit boosts real estate values at different levels depending on the type of property (condo, apartment, single-family home, commercial or retail). All types benefit from proximity to transit; however, at varying levels. Read more.

Also discussed in the APTA report are the economic benefits of transit-oriented-developments (TOD) built within ¼ and ½ mile around a hub or station. As with real estate, the study concludes that TOD has been successful throughout the country at increasing opportunities and access, but also creating economic stimulus.

Of course this is good news for the cities and residents along the Foothill Extension corridor, and no real surprise. Just a few years ago, the Authority studied the opportunities along the 24-mile alignment from Pasadena to Montclair and found significant potential for development that was projected to generate tens of billions of dollars in economic development and stimulus. Although the timing of that development may change because of the slowed economy, the opportunities are certainly still available. In fact just a few weeks back we reported Monrovia and Montclair’s TOD news, which was related to the Foothill Extension’s progress toward those cities.

Learn more about the Authority’s TOD study and its findings, and how we are beginning a new study to review TOD opportunities in today’s economic environment.

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