Research has shown that homes in more walkable communities have weathered the current recession better than auto-oriented suburbs, and the same may be true for homes near transit as well. The Center for Neighborhood Technology (CNT) recently conducted a study (commissioned by the American Public Transportation Association and the National Association of Realtors) on how proximity to transit affected the value of homes during the recent recession. CNT examined five metro areas: Boston, Chicago, Minneapolis-St. Paul, Phoenix, and San Francisco. Researchers found that while average residential sales prices declined in the study regions between 2006 and 2011, “in all of the regions, the decline in average residential sales prices within the transit shed was lower than in the region as a whole or the non-transit area. Across the study regions, the transit shed outperformed the region as a whole by 41.6 percent.”
Percent change in average residential sales prices relative to the region, 2006-11. Source: “The New Real Estate Mantra: Location Near Public Transportation.”
Researchers also found that homes near transit that was integrated with a well-connected system and had higher frequencies of service (such as BRT) saw the most price resilience. Additionally, these homes had lower average transportation costs as well as better access to jobs.