Proximity to public transit aids home values, report finds

Public transportation may help fuel rising home values.While a nearby public transportation system may give city-based workers the ability to reach their workplace without a car, it may also suggest that their residence is worth more compared to homeowners who are far removed from one.The survey, which was conducted by the National Association of Realtors as well the American Public Transportation Association, found that during the recession, homes located near?public transit systems were an average of 42 percent more valuable than residences several miles away.Lawrence Yun, NAR chief economist, indicated that these properties are in higher demand because they provide prospective buyers with an easy access point to the city, which tend to have more job?opportunities.”Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward,” said Yun. “A sound transportation system not only benefits individual property owners, but also creates the foundation for a community's long-term economic well being.”Approximately 42 percent of the nation, on average, is?located in relative proximity to public transportation systems. This includes Houston homes and the Metropolitan Transit Authority of Harris County, which is expanding its services.
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