TOD Index

December 2014

The TOD Index now includes data on Home Values for over 3,000 fixed-transit station areas and data on Rent Prices for over 3,500 station areas across the United States. 

Download the December 2014 TOD Index report here:  TOD Index Report December 2014

TOD Index December 2014 Cover

 

Highlights from the December 2014 TOD Index Report

The TOD Index™ provides a new benchmark to track both home and rental values in train station areas across the United States. The TOD Index includes stations categorized as TODs, Hybrids and TADs. Each category is also benchmarked against the national Zillow Home Value Index (ZHVI) or the national Zillow Rent Index (ZRI). The methodology has identified a total of 1,441 TODs, 1,180 Hybrids and 1,775 TADs across the United States.  

A TOD station area is identified as a TOD if the following criteria are met:

  1. Gross housing density must be greater than 8 units per acre across the half-mile station precinct AND
  2. The average Walk Score for the station area must be 70 or greater 

Hybrids are station areas where one of these criteria are met and TADs are station areas where neither of these criteria are met.  

Data on station areas across the United States was combined with data from Zillow.  In August 2014, 3,088 station areas (including 980 TODs, 853 Hybrids and 1,255 TADs) in the Zillow database reported home values and 3,543 station areas (including 1,190 TODs, 936 Hybrids and 1,417 TADs) reported rental prices.  Please read the methodology report for more details. 

Home Values

In August 2014, the average home value in TODs was $518 per sf. The average home value in Hybrids was $251 per sf and the average home value in TADs was $196 per sf. This compares to the average national ZHVI for that same month at $149 per sf.

TOD Average Home Prices

 

Since 1996, Home Values in TODs have outperformed the national housing market by a margin of 2-to-1.  

August 2014 TOD Index – Home Value (TOD Stations): 396.2

August 2014 Zillow Median Home Value Index (ZHVI): 203.3

TOD Index Home Values 1996 - 2014

 

 Since , the start of Economic Recovery in January 2012, Home Values in TODs have grown by 37% compared to the ZHVI, which has grown by 20% 

 TOD Index Home Values 2012 - 2014

 

Rent Prices

In August 2014, the average apartment in TODs rented for $2.28 per sf. Average rent in Hybrids was $1.36 per sf and the average rent in TADs was $1.19 per sf. This compares to the average national ZRI for that same month at $0.89 per sf.

Rental Prices

 

Since January 2012, Rent Prices in TODs have grown by 18% compared to 8% for the Zillow Rent Index (ZRI). 

TOD Index Rent Prices

 

 

The Affordability Paradox: Location Affordability Benefits of TODs

Even though per square foot rent prices and home values are higher, the data finds that TODs, in fact, are more affordable.  On average, TOD residents have more than $10,000 in extra disposable income compared to the Average American. Read the report to learn more. 

 

 

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