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September Brings the End of Summer but Not the End of Savings

Riding public transportation saves individuals $10,122 a year

September means back to school and work after a summer of vacation and relaxation.  While the days of summer fade, the savings you accumulate while commuting to work and attending your favorite fall activities continue.  These activities could include attending a professional football and baseball game via public transit in the same month.  You still can take advantage of convenience of public transit and the money you save on gas and parking.  According to the American Public Transportation Association’s (APTA) September Transit Savings Report, individuals who ride public transportation instead of driving can save, on average, more than $844 this month, and $10,122 annually.  These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the September 11, 2013 average national gas price ($3.56 per gallon- reported by AAA), and the national unreserved monthly parking rate.

APTA releases this monthly Transit Savings Report to examine how an individual in a two-person household can save money by taking public transportation and living with one less car.

The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the 2012 Colliers International Parking Rate Study.  Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.

The top 20 cities with the highest public transit ridership are ranked in order of their transit savings based on the purchase of a monthly public transit pass. The savings also factor in local gas prices for September 11, 2013 and the local monthly unreserved parking rate.*

Rank City Monthly Savings Annual Savings
1. New York City $1,251 $15,015
2. San Francisco $1,100 $13,194
3. Boston $1,095 $13,136
4. Philadelphia $1,008 $12,094
5. Chicago $1,001 $12,014
6. Seattle $987 $11,844
7. Honolulu $979 $11,748
8. Los Angeles $944 $11,323
9. San Diego $896 $10,749
10. Minneapolis $888 $10,652

*Based on gasoline prices as reported by AAA on 9/11/13

Source: American Public Transportation Association

 

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