Are parks and trails a “solid investment” to improve home values?
A new study of home values along the Little Miami Scenic Trail looks at the economic impact of trails “from a real estate perspective.”
The 12-mile multi-use green corridor and trail system runs through the Cincinnati metropolitan area. Two researchers from the University of Cincinnati planning and economics departments studied 1,762 residential properties located within 10,000 feet of the trail. The researchers found that homeowners within a “reasonable” distance of the trail saw their home values rise. The report concluded that for the average home, homeowners were willing to pay a $9,000 premium to be located one thousand feet closer to the trail.
Thanks to Eric Troyer for passing this along! Read the full article at http://www.uc.edu/news/NR.aspx?id=14300