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Trails raise nearby home values an average of $13,000

Submitted by Brent Hugh on Mon, 03/08/2004 - 7:23am
In Dec. 2003, the Indiana University Center for Urban Policy and the Environment released a study exploring the impact of the Monon Trail and other greenways on Indianapolis (IN) property values. Here are some of the results (courtesy of Connie Szabo Schmucker, Executive Director, Indiana Bicycle Coalition):
The study used local housing data to help determine whether living close to the Monon Trail added value toa home. Then, using sophisticated statistical techniques, they were able to show what Realtors already kno wintuitively: People pay more for properties with good schools, nice parks and amenities like the Monon Trail. . . .

For homes within 1/2 mile of the Monon Trail (10.5 mile trail), the sales premium is $13,059. Approximately 8,862 households are located near the Monon Trail. If this premium applies to each of those homes, the total increase in property values in Marion County associated with the Monon Trail is $115.7 million.
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