11/3/13 Trails Effects on Property Values

While there have been many studies of the effect on property values near trails through out the US -- nearly all showing a positive effect --, and an informal study of ads saying something like "Near Trail!" vs "Not Near Any Trail!" (a lot to zero), an October '11 study of home prices in Hamilton County, Ohio by the University of Cincinnati gives some very precise data.

"The current study focused on 1,762 residential properties located within 10,000 feet of the trail." The trail in this case was a 12-mile section of Ohio's Little Miami Scenic Trail, a multi-use trail like our Auburn and Lehigh Trails. "The research used street network distances between residential properties and the closest trail entrance." The homes "average 2,203 square feet of living space. The average price was $263,517."

The take away numbers are "housing prices went up by nine dollars for every foot closer to the trail entrance. Ultimately, the study concluded that for the average home, homeowners were willing to pay a $9,000 premium to be located one thousand feet closer to the trail."