Public Transportation May Impact Utah Home Values
by Joel Carson
If you’re getting ready to purchase a home in Salt Lake City or a home anywhere in Utah served by public transportation, consider these numbers: home values performed 42 percent better when located near public transportation with high-frequency service during the last recession.
This isn’t a factor most people consider, but it makes sense. The study was released by the American Public Transportation Association and NAR.
In a March 21 press release APTA President and CEO Michael Melaniphy reported that homes located near high-frequency transportation are as desirable as those located on beach front property.
Utah Offers Great Public Transportation
Many metro area Utah homes for sale are located near public transportation hubs. Utah Transit Authority (UTA) operates the following:
All of this covers a 1,600 square mile service area that stretches over six counties from Payson to Brigham City. The Authority serves the largest segment of population in the state and serves about 1.8 million people. Here’s something I didn’t know until I did some research, UTA operates in one of the largest geographical service areas of any transit agency in the United States!
UTA is continually developing public transportation and this might be something to seriously consider when making your home investment. According to UTA’s official website, http://www.rideuta.com, “The FrontLines 2015 program is a group of five UTA rail projects that will all be in operation by the year 2015 and will add 70 miles to UTA’s existing 64-mile rail network. These projects are designed to provide Wasatch Front residents with transportation options and to enhance mobility for non-riders by decreasing traffic congestion.”
Projects for the FrontLines 2015 program include:
What’s the Attraction to Public Transportation?
Why the big attraction to public transportation access? Melaniphy said consumers are choosing neighborhoods with public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region.
“This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Transportation costs tend to be lower in these neighborhoods and such areas tend to be more walkable.
The study’s conclusion is based on higher home values which reflect greater market demand for areas near public transportation, according to NAR Chief Economist Lawrence Yun.
Yun said solid public transportation not only helps individual home owners, it also helps a community’s long term economy. The trend is expected to continue.
It seems to me easy access to public transportation would also improve air quality in highly-populated areas.
High-frequency public transportation includes:
If you’re ready to buy a home for sale on the Wasatch Front, call me today at 801-673-3333, text if you prefer! Or, you can send an email to firstname.lastname@example.org. Ready to shop for Utah homes? Browse through our many listings right here online!
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