There have been many good recent studies lately on how bikable, walkable areas create “activity centers” that improve real-estate values.
And it is worth remembering that those values are increased not just for commercial properties but also for homes.
At the back of a new report called Bicycling Means Business by the League of American Bicyclists, the evidence continues to grow that people who live in areas that are reachable by bike are sitting on more valuable land. And the report aggregates some of the most compelling research and case studies.
- Arlington County, Virginia – home of Mobility Lab – is a silver-rated Bicycle Friendly Community, and has set the goal of ensuring that all residents live within a quarter-mile of a bike facility and has currently achieved 90 percent coverage.
- A study of home values near the Monon Trail in Indianapolis measured the impact of the trail on property values. Given two identical houses, with the same number of square feet, bathrooms, bedrooms, and comparable garages and porches – one within a half mile of the Monon Trail and another further away – the home closer to the Monon Trail would sell for an average of 11 percent more.
- A study by the Delaware Department of Transportation found that property values in close proximity to bike trails sell for $8,800 more on average than similar properties without close access to trails.
- “Realtors sell not just houses, they sell communities. Increasing transportation choice increases livability,” the report quotes Bob McNamara, a senior policy representative for the National Association of Realtors. NAR even advises that all transportation projects should be robust with all transportation options – including bicycles – as part of their master plans.