Residential

How Much is One Point of Transit Score Worth?

Homes with great transit access are extremely rare in U.S. cities. Less than one percent of homes that are listed for sale today are considered to be in a rider’s paradise (Transit Score of 90 and above).

Yet in a survey of more than 1,300 people who bought a home last year, more than one in five said they wish they had paid more attention to the length of their commute from their new homes.To estimate how much transit access is worth when buying or selling a home, Redfin looked at the sale prices and Transit Score ratings of more than one million homes sold between January 2014 and April 2016 across 14 major metro areas.Here are the price premiums of one point of Transit Score on a home, grouped by metro area.

On average, across the 14 metros analyzed, one Transit Score point can increase the price of a home by $2,040. But the price premium varies widely from metro to metro. One point of Transit Score in Atlanta bumps up the price of a home over one full percentage point, or $1,901.

Read Article at Redfin.com

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