In the city of Dallas, if you own a home close to the subway, busses or rail lines, it's most likely worth more compared to the same type of home not found near public transportation.
A study done by the American Public Transportation Association and the National Association of REALTORS has confirmed this. The study has shown that over a five-year span, homes located within a half-mile of public transportation were worth about 41% more than similar properties found further from public transportation.
For many home buyers, transportation plays a big role in their decision. If they don't rely on a vehicle to get to and from work, they are often willing to pay more for a location near public transportation. Walkable neighborhoods and shorter commutes are often high on the list for these types of buyers.
The results of this study are not surprising for many in the real estate industry. It's even more pronounced in cities, such as New York City and Chicago. In New York City, the price for an apartment can drop by 15% to 20% for every block away from the subway it's found.
Even cities, such as Dallas, which don't provide the same type of public transportation as Chicago and New York City, still show a high value for homes found near public transportation. Phoenix was another city found in the study and homes found near light rail and bus lines in Phoenix were valued higher than those further away.
Single home buyers and young professionals will often look at the public transportation as an important factor in their buying decision. Even families looking at neighborhoods close to the schools they prefer, may factor public transportation into their overall decision. This has become even more prevalent with many people trying to live a more eco-friendly life, which includes more bike riding, use of public transportation and less use of a personally owned vehicle.