A new study of the property values along a light-rail line in Charlotte, NC, shows that property values can be affected even before the transit line is built, despite the area’s relatively low-density.
This paper summarizes the findings of more than 100 studies concerning the impacts transit service has on nearby property values, and the feasibility of capturing a portion of the incremental value to finance transit improvements. The results indicate that proximity to transit often increases property values enough to offset some or all of transit system capital costs.
Recent work documents the results from communities utilizing value capture mechanisms shows the increased popularity of value capture strategies for funding the nation’s growing transit systems. Seventy-five percent of transit funding comes from state and local sources, pointing to a clear need to develop diverse revenue sources to support transit service. As vehicle miles traveled (VMT) continue to decline while transit use increases, the need for new revenues grows in importance
This report is among the first in recent years in the United States to examine property value impacts from proximity to BRT stations. A hedonic regression model was estimated to isolate the effect of distance from a …