People ask all the time “How will the new transit system and loading stations affect the price of my home?” In a recent report, it was determined that it can increase the price of a home by an average of $2,040, or 0.6 percent!
Homes with great transit access are really rare in U.S. cities. Less than one percent of homes that are listed for sale today are considered to be in a rider’s paradise (Transit Score of 90 and above). Yet in a survey of more than 1,300 people who bought a home last year, more than one in five said they wish they had paid more attention to the length of their commute from their new homes.
To estimate how much transit access is worth when buying or selling a home, the report looked at the sale prices and Transit Score ratings of more than one million homes sold between January 2014 and April 2016 across 14 major metro areas.
Here are the price premiums of one point of Transit Score on a home, grouped by metro area.
On average, across the 14 metros analyzed, one Transit Score point can increase the price of a home by $2,040. But it really varies widely from area to area.
It’s easy to see a value premium for a home located near one of the main commuter lines in the metro area because walkability and access to public transportation are relatively rare.
Seattle is known for its traffic, so more and more homebuyers want to be closer to a light rail station or bus line for commuting to and from work.
Some people even commute from the suburbs to park near a transit line to get into the downtown area because it is easier than driving. Homes near the proposed Lynnwood–Bellevue Express, the Everett/Lynnwood–Seattle Express or the Everett–Seattle Express transit centers could see a real uptick in home values.
Transit is an important building block to economic mobility. The more that cities invest in good transit the bigger financial impact for homeowners and the better access families of all incomes have to jobs and public amenities. Transit is an economic win-win for communities.
Want to see how a light rail transit center affects the value of your property? Looking for a home near light rail centers? Click here. Or just call Dave directly at 425-330-0663 or shoot him and email at firstname.lastname@example.org if you have questions.