New Tools Help Market Homes’ ‘Transit Score’

September 29, 2017

New tools are enabling real estate professionals to highlight a property’s proximity to public transportation, a prime selling point for urban home buyers. For example, TransitScreen offers real-time transportation information and calculates how accessible public transit is from a certain location. Its MobilityScore rates a location from 0 to 100 based on its proximity to public transit, such as buses, trains, and taxis. It also factors in ride-sharing and bike-sharing opportunities.

To use the tool, just plug in an address or click on a map to find the score. The tool is currently limited to 35 of the largest urban areas in the U.S. “Transportation is continually evolving, yet as new choices, including ride-sharing, bike-sharing, and car-sharing, emerge, tools for measuring transportation access have not kept up,” says Matt Caywood, cofounder and CEO of TransitScreen. Caywood says that MobilityScore can incorporate current and future transportation choices.

Americans have shown a willingness to pay more for a home near public transit. Fifty-five percent of Americans say they are willing to pay a higher mortgage or rent in order to get to work and recreational amenities without having to use a car, according to a 2016 study by HNTB Corp. Fifty-one percent of Americans agree that the availability of public transportation increases their interest in moving to and living in a particular area, according to the survey.

Source: “Can You Get by Without a Car? New Tool Will Tell You Based on Your Exact Location,” Curbed.com (Sept. 22, 2017)