RPA-Rail-Rewards

+$3,289
+$4,885
+$7,201
East Side Access will increase
values of homes that are within
walking distance of LIRR stations
by nearly $11,000. Homes further
away also will gain in value.
+$10,821
.5
1
1.5
2 miles
Transit Boosts Housing Values
Good public transit improves housing values. When rail services
are nearby, housing prices are higher – whether in Boston, Chicago,
Philadelphia, San Francisco, Washington, D.C., or elsewhere.
In Chicago, for example, housing prices were 20% higher
when homes were within 1,000 feet of a train station, while in
Washington, D.C., prices increased by 2.4% for each 1/10 of a
mile that the homes were closer to a station.
An RPA study published in 2010 showed that in New Jersey,
new rail services increased housing values significantly, with
gains of $3,000 for every minute of commuter time saved if
the home was within walking distance of the train station, and
$2,000 for each minute saved for homes within a short drive.
Other studies have documented similar effects in other regions
of the U.S.
The gains in housing values in New Jersey were calculated
by analyzing 53,000 housing sales before and after a series of
three rail improvements in New Jersey commuting communities
between 1996 and 2003. 1 These improvements increased home
values by $34,000 within walking distance of train stations and
$23,000 for all homes within two miles of stations.
ESA will increase
housing values by
$7,300
per home within two
miles of a station.
1 The ARC Effect; RPA; July 2010 http://bit.ly/aCJ4NQ
5 Rail Rewards | Regional Plan Association | January 2013