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Want to Increase Housing Value? Build Rail Transit!

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Started 8 months ago by Walker
Latest reply from johnwirtz

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Walker
The KLD / Downtown
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The Housing-Value Bonus for Rail Transit: 10, 20, Even 50 Percent
by Angie Schmitt on September 12, 2011

The Center for Housing Policy recently completed a comprehensive review of the existing research on housing prices and proximity to rail. According to dozens of studies over decades, a rail station within a short walk can add 6 to 50 percent to home values.

The center’s analysis shows, however, that not all rail lines are created equal, at least when it comes to housing price appreciation.

Some important considerations for potential investors: Is the station walkable or is it located near highway infrastructure? Does the rail service operate frequently and offer service to desirable destinations? What is the strength of the regional housing market?

READ MORE: http://dc.streetsblog.org/2011/09/12/the-housing-value-bonus-for-rail-transit-10-20-even-50-percent/

Posted 8 months ago #
mrsgeedeck
Castle of Lions
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When they built the light rail connecting Jersey City, Hoboken and Union City the overall retail and housing development in that area experienced huge growth. The area around the rail had been predominately warehouses or section 8 projects and has since seen a lot of boutiques as well as condo and town house developments (without edging the section 8 out).
I'm not a fan of the proposed High Street rail line personally, but I'd love to see something akin to this on Cleveland Ave or Front Street.

Posted 8 months ago #
Walker
The KLD / Downtown
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It's been awhile since I was regularly reading/studying this information, but I seem to recall one of the more significant lines in Portlandia connecting two big destination areas and running through the middle of a rougher area. The result was that the anchor areas on the ends of the lines were better connected and the rougher area in between was redeveloped.

I do think there are still opportunities for development between OSU and Downtown, but those opportunities are slowly filling in on their own without a streetcar line.

If we're pushing the development and land/home value angle, I think a line connecting Downtown to Bexley along the East Main corridor might be a better first step.

Posted 8 months ago #
columbusmike

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I think the only way Columbus will ever get a light rail system is to completely change the culture of this city to one that supports non-automobile transportation. We have to become a city that strongly encourages biking, our bus existing system, the arts, etc before we'll ever convince the public we need to invest in rail. I think this can be achieved realistically and cheaply...with a little help from OSU, our big companies, and the government.

Posted 8 months ago #
RoundTowner
Miranova
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When will people quit beating this dead horse..Trains are nice, but, they are way to expensive to put in. It will never happen in Columbus, its been studied over and over, it has had false starts, and more studies. NOT going to happen here. We need to accept the fact that we drive cars and work on Bus transit ways like other cities have done.

Posted 8 months ago #
rus

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columbusmike said:
I think the only way Columbus will ever get a light rail system is to completely change the culture of this city to one that supports non-automobile transportation. We have to become a city that strongly encourages biking, our bus existing system, the arts, etc before we'll ever convince the public we need to invest in rail. I think this can be achieved realistically and cheaply...with a little help from OSU, our big companies, and the government.

*scratch head*

The arts?

I must be missing something, but how would, say, supporting murals in the short north lead to a rethink on a street car?

Guess I'm not seeing how the arts and public transport are connected.

Posted 8 months ago #
GCrites80s
5xNW
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RoundTowner said:
When will people quit beating this dead horse..Trains are nice, but, they are way to expensive to put in. It will never happen in Columbus, its been studied over and over, it has had false starts, and more studies. NOT going to happen here. We need to accept the fact that we drive cars and work on Bus transit ways like other cities have done.

Will you be saying the same thing when you can't drive any more?

Posted 8 months ago #
Walker
The KLD / Downtown
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RoundTowner said:
When will people quit beating this dead horse..Trains are nice, but, they are way to expensive to put in. It will never happen in Columbus...

Never is a long time.

Perhaps if Columbus stayed the same... I might agree with you.

But we're a steadily growing region. Time brings change and change brings evolution. New forms of transportation should always be reconsidered and reevaluated as our city continues to grow and change.

Posted 8 months ago #
rus

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GCrites80s said:
Will you be saying the same thing when you can't drive any more?

If most people can't drive then we've got bigger problems than public transport.

Posted 8 months ago #
jpizzow
580 N. Park St.
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Walker said:
.

If we're pushing the development and land/home value angle, I think a line connecting Downtown to Bexley along the East Main corridor might be a better first step.

Yea, I agree. A Main Street line is THE best option for rail transit. There is ample opportunity for redevelopment along that corridor while connecting two destinations. As for the cost, I do think it could pay for itself IF the density was there. You have to have the ridership that justifies building a line in the first place. Single family homes, 2-3 story buildings and townhomes just won't cut it, no matter what corridor is being studied. As for High Street, maybe they can study BRT for that route. The ridership is there and the numbers will only grow.

Posted 8 months ago #
Walker
The KLD / Downtown
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rus said:
If most people can't drive then we've got bigger problems than public transport.

Talk to the baby boomers in a few more decades. ;)

Posted 8 months ago #
cc

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Personally, I think a line on 4th or Summit would be easy to introduce and hit a lot of ridership. I think that building it on High would cause a lot of logistical problems.

Posted 8 months ago #
rus

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Walker said:
Talk to the baby boomers in a few more decades. ;)

Oh, they're going to be driving right into the grave. Either that, or they'll demand public transport become government subsidized cab fare.

Posted 8 months ago #
Walker
The KLD / Downtown
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rus said:
Oh, they're going to be driving right into the grave. Either that, or they'll demand public transport become government subsidized cab fare.

Which means a perfect time for everyone else to get off the dangerous roads and into the safer trains. ;)

Posted 8 months ago #
rus

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Walker said:
Which means a perfect time for everyone else to get off the dangerous roads and into the safer trains. ;)

Until the boomers run into them...

Trains. The new Farmer's Market.

;)

Posted 8 months ago #
CooperGuy

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rus said:

Trains. The new Farmer's Market.

;)

Someday.

Get the Video Plugin

Posted 8 months ago #
Walker
The KLD / Downtown
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rus said:
Trains. The new Farmer's Market.

If only. 20+ Farmers Markets in the region and growing every year:

http://www.columbusunderground.com/its-farmers-market-time

Posted 8 months ago #
rus

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Silliness aside, think it will be quite a while, if ever, we see passenger rail in columbus.

Posted 8 months ago #
Walker
The KLD / Downtown
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rus said:
Silliness aside, think it will be quite a while, if ever, we see passenger rail in columbus.

Yes, these types of projects do tend to take awhile to complete. All the more reason to start the study/planning process ASAP! ;)

Posted 8 months ago #
KingLincolnUrbanEnthusiast

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Walker, research the light rail system or inter urban of 1910 Columbus and you will see a brilliant system 200 years ahead of its time - the auto fans killed it. It was efficient, effective, economical and sustainable...you should also examine the lines and the lanes they knew more about these systems 100 years ago than the "experts" today... The culture in Washington now and an us/them has to go before Americans start reinvesting in America as Amercans for the good of the greater society - too many selfish baby boomers there now - all need to go

Posted 8 months ago #