6/12/2023 0 Comments Nyc subway linesUnsurprisingly, these are also the neighborhoods where the use of the subway and other types of public transportation are highest. The car-free lifestyle is especially common in Manhattan and South Bronx, where car ownership in some neighborhoods is as low as twenty percent. In fact, less than 1.4 million households have a car, out of a total population of 3.1 million households. Recent data indicates that less than half of New York City households own cars. And in New York City, there are few components of the city’s vast infrastructure that are more vital than the subway.Īccording to a study conducted by Urban Studies, the leading international journal for urban scholarship, “empirical results indicate that the direct savings in commuting costs have been capitalized into housing values.” Even without looking into this study, this makes sense: when people can easily get to other parts of the city and when people can eliminate transportation costs (such as owning a car), the property will be intrinsically more valuable. But one component of location that is often overlooked is access to infrastructure. As any real estate agent will tell you, the most important variable is “location, location, location.” Location strongly influences property values because while some aspects of the property - such as its physical structure or features - can be changed, location is something that is permanent.īut what does it mean for a property to have a “good” location? Is it in a high-demand neighborhood or city? Is it close to shops, parks, good schools, and other desirable amenities? Does the property itself offer its inhabitants breathtaking views?Īs you’d probably expect, having each of these desirable features can cause a property to increase in value. The value of a property is determined by a lot of things.
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