Many people overlook the impact of how transit options affect a home’s value. However, when you consider how much time and money it takes to commute to work every day, it is not surprising that this affects the market. Let’s take a look at three reasons why transit options matter so much for your property values!
1. If a community is within walking distance to the nearest bus stop, then there are fewer cars on the road and, as a result, less traffic.
When looking at home values, it is important to note that the further away you are from a bus stop or train station, the less your property will be worth.
If there’s no public transportation in your area, people have to drive their cars everywhere, which contributes heavily to congestion on the roadways. The more congested your roads become, the lower property values tend to be as well.
This is because walking or bike instead of driving a car saves money and helps the environment! Plus, it’s much more enjoyable than sitting in traffic on your daily commute.
No matter how small such an option might seem, public transportation can greatly impact property values because it lowers congestion and makes it easier to get around the community.
2. A good transit system will make it easier for people to find jobs and socialize with neighbors.
A good transit system makes it easier to get to work which means it will be easier for people in the area to find jobs and socialize with neighbors.
A good transit system makes it easier to get around to do your shopping at more local stores or visit family without having to spend a lot of time commuting. For some people, this is what they value most about their community.
- If the transit system is close, you have better access to jobs and amenities. The average commute is 25 miles long! That’s a lot of gas money spent just trying to get where you need to be – not even including all the extra time wasted. Now, when you think about how this impacts your home’s value, it is easy to see that a community with good transit options has better jobs and amenities!
3. You save time and money.
- You save a ton of time. The average worker spends about 45 hours per year stuck in traffic, including the commute to and from work! That’s over two full eight-hour days spent commuting every year – or more than twice as much as they spend at their job. When you combine this with other indirect costs like parking fees, fuel costs, and time spent in traffic jams or sitting at stoplights, you see that this can affect your property value.
- You also save a ton of money. The average worker spends about $1000 per year just dealing with transportation costs! That’s the total cost for everything from gasoline to tolls – not even including parking fees and traffic fines. When you combine this with the costs of getting to work on time every day, it starts to add up quickly.
Public transportation is a vital part of any community’s infrastructure and, as such, has an impact on the property values in that area. Some people overlook how much time and money it takes to commute every day when determining their home value. A lack of good transit options can make working outside your neighborhood difficult, negatively affecting property prices because the commute becomes more complex and time-consuming.
If you are looking for a home in an area with good transit options, now is the perfect time to buy! While homes may be less expensive than they would have been otherwise without these transportation innovations, that doesn’t mean it’s not worth considering how those might affect your property value before making a final decision.