A good transit system provides a hig h level of access to work and other activities for households and to customers and employees for businesses. The monetary value of this access will be reflected in the value of a home or a business, in addition to the value of other features such as the specific physical attributes of the building and neighborhood characteristics. This paper reviews recent studies on rail transit’s effect on property values. A matrix with the key findings of the major studies carried out over the last ten years can be found in the last section.
Introducing rail transit into a region often creates expectations about the impact of the rail project on property values. Information on the impact of rail on property values 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. In addition, this lack of complete information limits the extent to which transit agencies can develop strategies to maximize positive property value impacts. This paper summarizes a comprehensive survey of recent research on the impact of rail transit and property values.