First, We Scored Walk-ability, Now We Score Transit-ability
Based on the pic above, you might think San Francisco has just gotten slimed. (Yes, this is a bad reference to the 80’s, the Ghostbusters and even Nickelodeon’s Double Dare – yes, I’m probably dating myself, but if you knew what I was talking about, you really have no room to judge. ;-))
What you’re really looking at is a heat map that focuses on areas that are the most transit friendly.
Lucky for us San Franciscan’s, our transit situation is pretty bright, even WITH all of the drama that our lovely MUNI brings us on a daily basis – from crashes to late running buses to financial woes (visit the N-Judah Chronicles to get a good scoop on all things MUNI), we’re still probably one of the luckier cities in the nation. (I mean, I’ve been in places that have NO public transportation on weekends at all!)
In one study, it was found that a good WalkScore added significant value to a property:
More than just a pleasant amenity, the walkability of cities translates directly into increases in home values. Homes located in more walkable neighborhoods—those with a mix of common daily shopping and social destinations within a short distance—command a price premium over otherwise similar homes in less walkable areas. Houses with the above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.
And being that a good WalkScore adds value, I can only surmise that a good TransitScore adds value as well. (In case it needs explanation, a good Transit Score judges how easily accessible public transportation is from a specific address.)
From Zillow’s Blog:
Transit Score provides a 0 -100 rating for more than 100 cities where public transit data is available. Ratings range from “Rider’s Paradise” that offer world-class bus and rail service, to areas with limited or no nearby public transportation.
How do they do it? A Transit Score is calculated by assigning a “usefulness” value to nearby transit routes based on the frequency, type of route (rail, bus, etc.), and distance to the nearest stop on the route. The “usefulness” of all nearby routes is summed and then it is normalized to a score between 0 – 100.
Now, while a good Walk Score has already proven to add value to a property, based on the frequency of buyer requests for locations near easy public transportation, I’d be willing to put my money on the fact that there’s a correlation between a good Transit Score and an increase in property value.
Either way, you can visit www.walkscore.com or their page for public transportation at https://www.redfin.com/how-walk-score-works to find out whether your home or the home you’re considering purchasing has the added bonuses of walk-ability and transit-ability. 🙂
And of course, if you’re looking to buy or sell a walkable, transitable, or for that matter, any home in San Francisco, give me a shout – we’ll see if we work well together to achieve your SF real estate goals. 😉
