Image courtesy of CTtransit.
Transit, in the form of the new Hartford Line commuter rail from New Haven to Hartford is being touted as a housing creator, but a new study from the National Association of Realtors and the American Public Transportation Association (APTA) has quantified just how much the CTfastrak bus rapid transit system has contributed to increasing home and commercial sales prices near its stops, as well.
The study covered a period from 2012 to 2016, before the Hartford Line was opened, and looked at the median prices of properties sold within a half-mile of transit stations.
In Hartford, the median home sale prices near the new CTfastrak line performed better than the nontransit areas between 2012 and 2016, a 13 percent increase compared to a 3 percent increase for prices region-wide. Commercial properties saw a bigger boost, with the median sale price growing 16 percent in the transit shed compared to 2 percent region-wide. Office properties, in particular, benefited, seeing a 13 percent boost in their median sale price within the CTfastrak “transit shed” compared to a 1 percent decline in areas not accessible by transit.
In total, 44,352 of Greater Hartford’s 1.2 million people live within a half-mile of transit, in 17,951 households representing 4 percent of the region’s population.
“Access to public transportation is an extremely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work and raise a family,” NAR 2019 First Vice President Charlie Oppler said in a statement. “The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world.”
The study examined Hartford and six other cities – Boston; Los Angeles; Minneapolis-St. Paul; Phoenix; Seattle; and Eugene, OR – as a proxy for how commuter rail, subways, light rail and bus rapid transit affect sale prices nation-wide. Residential properties within these areas had 4 percent to 24 percent higher median sale prices between 2012 and 2016, the report found. Commercial property near public transit also witnessed value gains in the studied cities, where four of the regions saw median sales prices per square foot increase between 5 percent to 42 percent.
“Public transit’s benefits go beyond moving people from point A to point B,” APTA President and CEO Paul P. Skoutelas said in a statement. “Public transportation is a valuable investment in our communities, our businesses, and our country. Public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers.”
