SEPTA’s transit service is a valued amenity for residents of the city and region. The amenity value it provides is reflected in housing markets, where homeowners demonstrate a willingness to pay more for an otherwise similar house with better service access.
ESI was hired to analyze SEPTA service throughout Philadelphia and uses thousands of housing market transactions to quantify the incremental housing value that access to this service provides. In aggregate, proximity to SEPTA’s service increases residential property values by $17.5 billion within the City of Philadelphia, accounting for 17.4% of total residential property value in the city.
This increase in taxable value generates a combined $233 million in annual property tax revenue for the City and School District of Philadelphia.
These estimates do not reflect the additional value losses that would accrue if a diminution of SEPTA service made Philadelphia a less attractive place to work and do business.
An interactive map was created by the ESI team, which allows SEPTA’s website users to easily find property value data near stations and routes.