Public transit can save its users a lot of money, according to the Washington-based American Public Transportation Association's (APTA) July Transit Savings Report. In some communities, usingcan save individuals an average of $9,968 annually and $831 per month, according to the report.
APTA releases its 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 savings given in the most current report are based on the July 14 average national gas price ($3.66 per gallon, reported by AAA) and the national unreserved monthly parking rate, which is $155.22 in downtown business districts, according APTA, citing the 2011 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,862.64.
"Switching from driving to riding public transportation is a proven way for individuals to cut monthly and yearly transportation costs," according to the APTA press release on the report. "Making the change to public transit today gives individuals the opportunity to lower their transportation costs, without sacrificing their freedom and mobility."
The report ranks the cities with the highest transit ridership in order of their transit savings based on the purchase of a monthly public transit pass, as well as local gas prices and the local monthly unreserved parking rate. The top 10 cities, with monthly and annual savings, are:
1 New York: $1,218 monthly, $14,618 annual
2 Boston: $1,130 monthly, $13,559 annual
3 San Francisco: $1,088 monthly, $13,060 annual
4 Seattle: $995 monthly, $11,936 annual
5 Chicago: $979 monthly, $11,744 annual
6 Philadelphia: $976 monthly, $11,717 annual
7 Honolulu: $939 monthly, $11,268 annual
8 Los Angeles: $893 monthly, $10,712 annual
9 Minneapolis: $890 monthly, $10,678 annual
10 San Diego: $864 monthly, $10,369 annual
Read the full results of the report.