Though it seems that the main factors to influence the cost of residential real estate are the size, state, and location, the last point turns out to be quite an extensive one. One of the indispensable parts of the home location is the presence or absence of access to public transport. Even the fact that the number of vehicles in the US is almost equal to its population, the fact remains the following: more than half of the population living in big cities and metropolitan areas do use public transportation on a regular basis, sometimes even if they own a car. The reason for that is the absence of a desire to stand in long and exhausting traffic jams that cover the whole city in rush hours.
This information makes it possible to suppose that people choose a dwelling considering the factor of public transit in particular. Moreover, this factor may be reflected on the cost of rent or home prices too.
According to the recent report provided by the NAR and the American Public Transportation Association, people’s mobility does impact the cost of the property. Access to any kind of public transportation has increased the cost of homes from 4% to 24% between 2012 and 2016. Some regions out of 7 areas explored have even shown an increase of 42% and these figures are really impressive. In addition to the possibility to use one or several kinds of public transport, people who live in mobile areas have received one more great benefit: they could save on commuting and transportation. The study announces that an average American household could save from $2,500 to $4,400 a year.
There are several more interesting facts connected with public transportation and the cost of real estate. When it comes to commercial property, it is possible to come to the conclusion that mobility impacts its cost too. You may wonder in what way? If you own some business and want your clients to visit your office or production, they must be able to get there without any difficulties. Otherwise, a desire to go in the middle of nowhere will vanish as quickly as it has appeared. Consequently, public transit plays an important role in the turnover of clients for your business. The same also goes for employees. If your staff has difficulty is commuting to their job places and they suffer from this problem anyway, lack or the absence of access can lead to the loss of professionals and even bankruptcy.
It is worth mentioning that every fourth family that lives in the area with good access to buses, light rail, underground and other means does not own a car because it turns out to be an odd object in this case. They can easily get to any point and save on the maintenance and fuel, let alone car cost.
As you can see, despite being a minor factor in the cost of the property, public transit still has some impact on the cost of dwelling and commercial property, especially it is noticeable in large cities and metropolitan areas. Sometimes this increase can be a significant one, so consider this fact when you choose yourself or ask a real estate agent to select a home for you. This factor is also of the utmost importance when you choose an estate for investment!