When you think of what is important in a home to a prospective buyer – or to you as a buyer – what comes to mind? Things like location, budget, amenities, condition of the home, and more are all among the most common points considered. But what about transit options? We’re talking here about transit that eliminates the need for a car – the ability to easily access work and recreation without having to own a vehicle of your own. This could include anything including:
- Bus routes
- Local transit systems
- Rail lines
- And more
In short, public transportation has become a big part of life for millions. In fact, considering some of the most recent studies done by the HNTB Corp,
it’s more important than many actually realized. Consider the following numbers.
- 73 percent of Americans say they would be willing to support land use and zoning changes to improve transit in their communities
- 55 percent of Americans said that they’re willing to pay higher amounts in mortgage or rent costs if doing so meant that they didn’t need to use a car to access work or recreation.
- 70 percent of millennials are willing to pay higher mortgage or rent in exchange for easy transit options. And since millennials are the fastest growing area of the market, that’s a number that makes a huge impact on the markets today.
- 51 percent of Americans say that good, reliable public transportation options nearby could increase the interest they have in moving to a particular location.
Why is transit becoming such an important part of life and why are people willing to pay more in housing costs to access it? The answer is simple – it ends up translating to less hassle and lower costs overall. Instead of paying for a car payment, fuel, and maintenance or repairs on that vehicle, a flat rate can be paid regularly to use transit. That means lower monthly bills as a whole. And a large number of current developments are starting to seize on this trend. In fact, some areas are being designed specifically to offer housing, jobs, dining, entertainment, and more all in walking distance of each other. That means that not only is the market shifting towards transit being vital, but developments are paying attention as well. All in all, it’s a good time to be selling a property that has easy access to transit options. With bus lines, metro stations, and other similar programs already in place throughout much of the country, it’s a factor that is only going to continue getting attention over the coming years – and one that you should certainly pay attention to if you’re involved in real estate in any capacity at all.