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IMPACTS OF RAIL TRANSIT ON PROPERTY VALUES

Introducing rail transit into a region often creates expectations about the impact of the rail on property values, but the information is often incomplete and limited to anecdotal evidence, leaving regions planning for rail investments without a firm basis to judge the future impact of such an investment. This paper summarizes a comprehensive survey of recent research on the impact of rail transit and property values. The impact of twelve rail projects, including both light and heavy rail, throughout North America is compared to develop general conclusions about the impact of rail on property values. The summary begins with the enumeration of impacts of rail on single family homes; it continues with a discussion of additional studies that suggest that there are disparate property value effects based upon other factors. The discussion identifies variables associated with rail transit investment that contribute to positive and negative changes in property values, and the summary ends with suggestion that the primary positive impact of rail on property values is the impact due to accessibility.