Public transit hubs great for homeowners, not so great for affordable housing

Judging by the passage last November of one of the largest public infrastructure project packages the region has ever seen, Seattleites and those in the surrounding area are big fans of public transportation.

And while 62 miles of new light rail connecting Everett to Tacoma and stretching out to West Seattle, Ballard, Issaquah and Redmond may seem unequivocally good, there are two sides to every issue.

Sound Transit 3 will transform the way the Puget Sound region moves and bring untold economic and social benefits in the coming decades, but some will lose indirectly from the construction of new transit hubs and light-rail stations. The losses will be especially tough if the city remains sluggish in building affordable housing to keep pace with the region's growth.

A study released earlier this week by Seattle-based real estate firm Redfin finds that for every one point increase in a home's Transit Score -- a device developed by Redfin-owned Walk Score that rates how well a location is served by public transit -- the home's value increases by an average of $2,040.

"Transit is an important building block to economic mobility," said Redfin chief economist Nela Richardson in a release about the findings. "The more that cities invest in good transit, the bigger financial impact for homeowners and the better access families of all incomes have to jobs and public amenities."

In Seattle, the study found a home's value increased by $3,360 per one-point increase, which is a little more than $1,300 over the average. This bodes well for wealthy residents who might already own homes near transit hubs, or who might be looking to buy in the future. But with Seattle homes selling for a median price of $596,000, according to data from Redfin, those who have less to spend may find themselves even more alienated from the market.

"Yes, affordable housing in Seattle with a good commute is a major challenge," said Redfin data scientist Taylor Marr. "In many cities, expanding transit options can be coupled with up-zoning and incentives for development in the surrounding area to allow housing supply to increase in step with the new demand to keep prices from rising rapidly."

The Angle Lake light rail station, which opened in September 2016, is currently the furthest south stop on its route. In the Angle Lake and SeaTac area, the median home sale price is $349,000, according to the past 30 days of data from Redfin. Areas south and north of Seattle typically offer cheaper home prices than those within city limits, but it remains to be seen what might happen now that light rail can move people more easily. Richardson says the problem lies not with the transit hubs, then, but with the lack of affordable housing in those areas.

"Unfortunately, if developers can't build enough affordable housing, then the increased demand from transit may gentrify the neighborhood and displace the very people the project was supposed to help," Richardson said.

Scroll through the slideshow above to tour three condos that are within walking distance of the Capitol Hill light rail station. None is listed for more than $325,000, but keep in mind the largest of the three tops out at 586 square feet.