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(London.CityRegions.com, April 26, 2013 ) London, UK -- Homeowners of Chicago who live near the CTA station apparently are reaping benefits that most in the suburban areas do not. These owners tend to see more stable real estate prices, according to the most recent study on housing prices in the area.
The Center for Neighborhood Technology found that the price of residential property that are located near the transit is more stable in pricing. They are also found to be much less likely to decline in a recession period that any in a non-transit region. The study also found a boost was stronger in residencies that were near CTA stop, rather than those that were near a Metra station.
The study, released in March, surveyed five cities between 2006 and 2011: Chicago, Boston, Minneapolis-St. Paul, Phoenix and San Francisco.
“We looked at cities that represented a range of transit systems, so new systems, mature systems, larger systems and smaller systems,” said Linda Young, research director at the center and one of the study’s lead authors. Young said Chicago transit represented a large mature system.
The study also looked at the impact of the CTA El and Metra systems in the region's seven respective counties. Residential property values that were in proximity to CTA transit were the most resilient of those studied. The average prices were nearly 47% better than regions as a whole. Prices near the Metra were 23% better than regions as well.
In 2010, over 2 million individuals in over 800,000 households lived less than a mile from either transit station, according to the study. Those who lived closer to the station took public transit an average of 26% more often (32% for the CTA, and 19% more for Metra).
“CTA stations are usually in areas with higher residential density, which also supports commercial destinations,” Young said. “The CTA system also has closer access to probably more destinations. All of these benefits are all more concentrated where there’s more population density.”
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