Does Living Near Public Transport Increase Property Value?
The Benefits of Living Near Public Transportation
Nearby public transportation encourages increased walking, decreased stress, a lessened environmental impact, and an influx of value to your home investment. The health of these transportation veins can be the difference between hours wasted in a traffic slog and a breezy commute to and from work. So, what’s a high-frequency public transportation worth when it comes to your property value?
The short answer is a lot.
Public Transportation in Your Neighborhood will Impact Your Life … and Your Wallet
Quick history lesson: Starting in 1994 with a short 5.3-mile track from the south into the city, the Denver’s RTD Light Rail ridership has since ballooned to nearly 90,000 each day. In and around Denver, the RTD Light Rail now traverses nearly sixty miles and stops at 54 stations—which many wish would expand further, faster. It’s a direct need based on the landslide of new residents in the Centennial State.
Colorado grew by 700,000 people in the last decade with Front Range counties like Jefferson County seeing an eight percent growth in the same timeframe boosting the population to nearly 600,000 people. With crammed highway options from the bustling Golden and Lakewood communities, the addition of the West (W) Line light rail offers a new commuting option and amenity to a fast-growing population.
Does Living Near the Light Rail Increase Property Value?
Home communities within close proximity to public transportation can see property value benefits to the tune of a few percents increase up to 150 percent depending on what the transportation and the additional development (think: mixed-use business spaces like restaurants) offer nearby residents. According to the American Public Transportation Association, “Neighborhoods with high-frequency public transportation are in high demand. While property values and rents have risen, contributing to a healthy local economy, the rapidly increasing demand for housing near public transit has resulted in constrained housing supplies.” That’s where new-build neighborhoods, like West Line Village, are filling a housing shortage near public transportation.
West Line Village: Just Steps from the Light Rail
Since the RTD W Line debuted in Lakewood in 2016, urban commuters have been connected with the city, recreational hotspots like Golden, Colorado, and even a no-car ride to Denver International Airport with a connection to the A Line at Union Station. In a report released in February 2020, home values in areas near public transit boast 42 percent uptick compared to communities located further away from transportation hubs. With just a .7-mile commute from West Line Village to the Sheridan Light Rail stop, immediate boosts in property values stand to be made. Units are selling fast, contact West Line Village today!