Public Transportation and Real Estate Prices - Are They Linked?
It is no secret that cities across the country are facing transportation challenges as urban populations grow and Boston is no exception. According to a recent Boston.com article, “Governor Charlie Baker has proposed an $18 billion transportation bond bill that would help fund the T’s 13-year maintenance backlog, as well as expansion efforts.” This is just one effort among many to get Greater Boston’s public transportation to serve more people more efficiently and reliably so less people have to rely on driving in increasingly heavy commuter traffic.
So, what effect, if any, will Boston’s transportation difficulties have on the real estate market? On the one hand, with long commutes to the suburbs, prices in the city may continue to rise as more people value being close to work. On the other hand, where transportation to the suburbs is smooth (maybe due to an improved train line), prices in the suburbs may also rise. However, if transportation becomes such an issue that commuting becomes near impossible, businesses and people may choose to move elsewhere to avoid the frustration altogether. To read more about the complex relationship between transportation and real estate prices, click here.