NERR 2019

Paper for National Environment and Recreation Research Symposium (NERR)

Rail trails and home values: a longitudinal study

Robert S. Bristow

Geography, Planning and Sustainability

Westfield State University

Jo Beth Mullens

Geography, Outdoor Recreation, and Planning

Keene State College

Abstract

Greenways are recognized as an essential planning tool to build sustainable communities.  One unique form of a greenway is the repurposing of abandoned railroad corridors known as a rail trails or greenways. Rail trails have a long history in America, the Pacific Rim and Europe.  Decommissioned rail corridors are being improved to provide the benefits of non-motorized transportation system for recreation and exercise, and the daily commuting to school, work, and shopping.  Yet despite these benefits there are citizens who argue against the presence of the rail trail citing them as a NIMBY.  There needs to be more research on the benefits and costs associated with repurposing the thousands of miles of abandoned rails across the lands.

One such area of study is the calculation of the economic benefit to home owners living in proximity to rail trails.  These open spaces contribute to the values home owners place on their property.  Hedonic pricing has been used to quantify the benefits and costs since the buyer in a market will pay for the amenities of the house, including the proximity to park lands.  

To study this impact, this paper compares home values over ten year period and links the changes to key dates in the establishment of a continuous rail trail corridor, during the planning, construction and current use stages.  The setting is two rail trails in neighboring communities that are a recent addition to the thousands of miles of rail trails in America.   It is believed this research reflects the first longitudinal study of home values tied to development of a rail trail.  It is especially unique since real estate values have dramatically fluctuated over the past decade.

Keywords: Rail Trails, greenways, economic value of parks