Real estate market conditions depend on many factors. The accessibility of a location by transit can be important, but its importance varies throughout the region. As explained in this section, the market for using transit and the market for transit-oriented development are related, but they are not the same thing.
Market Value of Transit
People take transit for different reasons based on their needs, resources, preferences, and values. The value of taking transit depends on where people live, where they want to go, and how much income they have. From the viewpoint of transit providers, including Metro Transit, population density and the location of job concentrations largely determine the efficiency of providing transit service. From the standpoint of the developer, business owner, or potential resident, transit access can enhance the
value of a location.
Market Conditions for Transit
Market conditions for both using transit, and TOD, depend on many characteristics. They include the level and quality of transit service, the mobility and accessibility that transit provides for a particular location, and other characteristics like the walkability of an area, the availability of nearby stores and services, and the quality of open space.