Transit, Density Sustain Communities in Difficult Housing Market
As we experience a poor housing market in America, it's important to consider the geography of areas both losing and gaining property value. The Washington Post recently reported on this phenomenon, showing the percent change in median home price (2005-2006) of individual zip codes of D.C. and its surrounding counties. Strikingly, areas without direct access to metro stations - ones that were typically suburban in nature - experienced greater losses in median home value.
Prince George's County, wrapping around the eastern portions of D.C., boasts 14 metro stations and experienced no loss in median home prices. In contrast, the distant Loudoun County, northwest of affluent Fairfax County, experienced median home price losses in numerous zip codes.
Transit adds value to communities no matter the economic climate. A few sprawling suburban and exurban communities will experience short-term growth due to a booming population, but it is the neighborhoods and communities with strong connectivity that will thrive in the long-term. Transit has the ability to increase (or at least sustain) value because it provides more people with access to commerce in a given area; it also improves one's quality of life in congested metropolitan areas like Washington D.C.
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