Location gets talked about a lot when it comes to real estate. Being close to the water, in a district with premier schools and having nearby highways and shopping centers are all positive attributes that contribute to higher property values, but there is one more aspect that is frequently overlooked—the bus stop. According to a recent survey, properties located close to high-frequency public transit are about 42 percent more likely to experience a financial boost from their location as compared to those without any public transportation in the immediate vicinity.
There are several factors that may be influencing these results. For one, city properties are often much closer to public transit than are homes in the countryside, and property sales in big cities are in general a bit pricier than they are in more rural communities. Even in places like Jacksonville, property sales and rental property management costs are higher in the more densely populated parts of town than in the more open regions.
This study was completed by the combined efforts of the American Public Transportation Association (APTA) and the National Association of Realtors (NAR). The study particularly found that properties near public transit were more resilient in recent years, when many property values took substantial hits. Homes located within close proximity to bus stations, rail lines and other forms of safe public transit lost value at a much slower pace between 2006 and 2011, the years when the contrast between economic gain and economic loss would be the widest.
This study looked very closely at mass transit systems, which Jacksonville currently doesn’t have. However, there is plenty of talk and hope about an expanded mass transit system being introduced along the First Coast, so this may be something to look for when considering property sales years into the future.