A study commissioned by the Natural Resources Defense Council (NRDC) found a connection between living in an area with sufficient public transportation and the likelihood of foreclosure. The NRDC study analyzed foreclosure rates in San Francisco, Chicago, and Jacksonville, Florida, and found that “mortgage holders were less likely to face foreclosure if they lived in ‘compact’ neighborhoods with sufficient public transit to make owning a car optional.”
Adequate public transit makes it less likely that a family would have to depend on a cars as their only transportation option. The study noted that the high cost of owning vehicles, which can account for over 15 percent of an average household income, can impact a person’s ability to cover their mortgage.
For more information, please check out Keith Barry’s article on the Autopia website.