Saturday, October 29, 2016

Bike Paths Lift Home Values - New ULI Study

Fairfax County Times reports on a new study conducted by the Urban Land Institute, Active Transportation and Real Estate: The Next Frontier. From the article Wheel Estate: Bike paths lift home values:
Bicycle-friendly amenities are contributing to a surge in property values in communities across the globe, marshaled by developments in urban centers and suburban outposts that accommodate “active” transportation.

“Today, bike trails, bike lanes, bike-share systems, and other forms of active transportation infrastructure are helping spur a new generation of ‘trail-oriented development,’” states a recently released report by the Urban Land Institute (ULI) that profiles 10 such developments.

The report, “Active Transportation and Real Estate: The Next Frontier,” cites a considerable statistic: on a national scale, the values of homes in areas with “above-average” access to active transportation are higher than those of comparable properties by as much as $34,000.

Homes in proximity to the bike-able Indianapolis Cultural Trail, for instance, have seen an astronomical rise in value since the trail’s opening six years ago—148 percent, the report states. In Radnor Township, Pa., the Radnor Trail has raised the values of properties within a quarter-mile by an average approaching $70,000. Similar trends have also emerged in Atlanta and Dallas.

The draw to these trails, or networks, is primarily enhanced well-being, with the increased sense of safety—made possible by features like graded paths, protective posts and “bicycle boulevards” —especially appealing to bicycle commuters, who contend with motorists daily. The opportunity for outdoor physical activity has also markedly peaked interest.

Beyond those benefits, bicycle networks can lead to a reduction in air pollution and vehicle greenhouse gas emissions. The Department of Transportation claims half of all trips taken in the U.S. are less than three miles long—a 20-minute ride by bicycle, according to the report.

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