Public Transit’s Impact on Housing Costs: A Review of the Literature
Building and expanding a fixed rail public transit system is a considerable undertaking for any metropolitan region. Investments on this scale, which can run in the billions of dollars, certainly reshape how people move throughout a region, but their impacts do not end at the turnstile. For residents and businesses that place importance on accessibility, such investments can also essentially redistribute the value of location within a region, making a place more or less desirable than before simply because of its proximity to the transit system. And as we know, a residential location’s value is best reflected in how much people are willing to pay to live there.
This brief summarizes research exploring the ways in which public transit has been shown to influence housing costs for owners and renters in the United States