Did you know that public transportation can actually add to the value of your Chicago condo? It’s true. As more and more cities around the country expand their mass transportation offerings, more and more home buyers have come to rely on public transportation to get to and from work, or simply to get around the city where they live. Nowhere is this truer than in Chicago, where on an average weekday, 1.6 million rides are taken on CTA. In fact, it’s the nation’s second largest public transportation system. Studies show that Chicago condos that are located in close proximity to public transportation and mass transit actually have higher values.California State University at Fullerton recently conducted a survey of 41 studies of 15 rail systems in the U.S. and found that light rail transit enhanced residential property values. What’s more, they found that public transit can also help preserve home values during real estate downturns. During the first six months of 2009 when suburban Chicago home prices fell 19%, 32 Chicago suburbs served by Metra commuter trains saw the average price of a home decline by 15.2%.
The differentiation between being near to public transportation versus right on top of it is also important. For a lot of Chicago home buyers, being too close to the rail line is unfavorable for fear they might hear the trains late at night or in the early hours of the morning. Conversely, a property that is within walking distance to a station is huge selling point.
To show your support for public transportation, start by using it whenever you can. Systems with high ridership numbers are better able to expand routes, upgrade services and technology, and qualify for government funding. A trip on CTA or Metra will also save you about $1,500 less on gasoline each year, and will help you reduce your carbon footprint.
If you are looking for a Chicago condo to call your own, please contact me. I’m a local real estate agent, and I’d love to discuss your unique real estate objectives. Posted by Helaine Cohen on
Leave A Comment