Rising Gas Prices, Crowded Highways, and The Importance of Public Transportation

Homebuyers often ask me a very similar question, "What features should I look for in my new home if I want to guarantee that the house I buy will appreciate over time?"

Most buyers are thinking about updated kitchens, large master bedrooms and spacious bathrooms when they ask this question. But there’s one thing they forget about: proximity to public transportation.

A growing number of homebuyers here want to live within walking distance of the El or Metra train. They want to take these public transportation options to work instead of fighting their way through rush-hour traffic on the Ryan, Edens or Stevenson. And with today’s gas prices, a trip on the El makes a lot more sense than does idling in traffic in a sports car.

Developers around the Chicago region recognize this. Municipalities do, too. That’s why so many suburbs are creating what are known as transit-oriented developments. These feature high-density housing – condominiums and apartment buildings, usually – located within walking distance of public transportation. They also include grocery stores, restaurants, theaters and shops, all within walking distance of each other. The point is to keep people out of their cars.

The Chicago area is fortunate to boast several of these communities. Downtown Naperville is a prime example, as is downtown Wheaton, Oak Park, Elmhurst and several others. In Chicago itself, transit-oriented developments have existed as long as there’s been an El. Consider the Southport neighborhood, one of the city’s most vibrant. It’s possible to live, shop, dine and play here, all within walking distance of the CTA’s Southport Brown Line stop.

The same can be said of the Lakeview, Lincoln Park, Bucktown and Wicker Park neighborhoods, among others. So when you are considering purchasing a home, and you’re looking for an amenity that will help your new residence retain its value, look at the public transportation options surrounding your potential new home. If you’re within walking distance of the train or El, that’s good news.