Urban living and walkability are incredibly popular with buyers and renters both young and old, so homes near new and renovated public transit stations are in high demand.
Realtor.com reports that homeowners in cities with updated train lines such as New York, Los Angeles, and Phoenix are benefitting from fast-rising property values. In Manhattan, for example, three new subway stops that connect the Upper East Side to the rest of the city have helped to cause property values in the neighborhood to rise 11.1 over the last three years.
In selected cities across the United States, single-family homes near public transit stops can cost 2% to 32% more—while condos can fetch 2% to 18% more, according to a 2008 report from the now-defunct Center for Transit Oriented Development.
Renters, though, often get priced-out when new mass transit arrives nearby. According to a study of California metros consisting of San Francisco, San Diego, and Santa Clara County, rent premiums increased up to 45 percent in areas near new public transit.
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