SEPTA recently released a study called “SEPTA Drives the Economy of Pennsylvania,” which studied the economic impact in home values across various Philadelphia suburbs that are located nearby rail lines.
The study, which was performed by a company called Econsult Solutions, gathered data from a 10 year period of home sales in Delaware, Chester, Montgomery, and Bucks Counties. In 10 years, Econsult concluded that SEPTA added an approximate $14.5 billion to residential property value in the area. They estimate a value increase between $17,300 to $46,600 per home in these areas.
Of course, it’s difficult to place a precise figure on the value added by SEPTA alone. It is no secret that real estate values as a whole have increased since 2008, with regional rail being one of many features buyers look for in their home shopping experience. A convenient commute may draw buyers into a particular area, but the main selling points are often features like school districts, local parks and amenities, and the availability of convenient shopping or dining.
SEPTA intends to use this study as a means to justify an increased budget. Their goal is to raise $6 billion in state and local funds for improvements over the next 15 years.
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Source: Philadelphia Inquirer; 3/29/18