Fifty-five percent of Americans say they are willing to pay more for their mortgage or rent in order to get to work and recreational activities without having to use a car, a new study of transit-oriented developments by the HNTB Corp revealed.
Millennials, in particular, show much more willingness to pay more each month than older Americans – 70 percent versus 49 percent.
Fifty-one percent of Americans agree the availability of good public transportation increases their interest in moving to and living in a particular area (again, with millennials the most likely to report this), the survey showed.
Nearly three in four Americans – or 73 percent – say they would support changes in land use and zoning regulations in their community to encourage more transit development.
“The desire to more fully integrate lifestyle with mobility options is causing Americans to rethink their priorities about where they choose to live, and how they travel to work and play,” says Mike Sweeney, HNTB senior vice president. “The willingness of people to play more to live in a particular area in exchange for enhance lifestyle and mobility options sends a clear message about the growing interest, value, and importance of transit-oriented development. This fact will directly impact future decisions about the location and modes of transportation options that respond to these emerging trends.”
Transit-oriented development is compact development that is within easy walking distance to transit stations, which often contain a mixture of housing, jobs, retail, restaurants, and entertainment. Eighty-three percent of the 1,000 adults surveyed were as or more in favor of living near accessible public transportation than they were five years ago (even 76 percent of Americans living in rural areas).
Daily Real Estate News | Friday, August 26, 2016
Columnist Jeff Reeves with MarketWatch says right now is the best time ever to invest in real estate. He discounts fears by some about another housing crisis brewing – the uptick in “liar loans” or “Alt-A mortgages” and return of house [...]