Access to mass transit improved residential sales value in seven major American cities and increased office sales value in five, including Phoenix, according to a study by the American Public Transportation Association and the National Association of Realtors.
In Phoenix from 2012 to 2016, median sales prices for homes within a half-mile of a light rail station increased 16% higher than homes outside of the transit area, according to the study.
In all cities studied, homes near transit saw larger increases in their sales price.
The study included Phoenix, Boston, Los Angeles, Minneapolis-St. Paul, Seattle, Hartford Connecticut, and Eugene, Oregon.
