Public Policy Institute
March 06, 2004
The Indianapolis Star published an article on the front page of the Sunday real estate section that discussed Center research. Here is an excerpt from the article:
''The Monon Trail links commercial districts, schools, parks, the state fairgrounds, and a dozen residential neighborhoods. But does this amenity increase property values, like a coastal location would in Massachusetts or California?
In December, the Center for Urban Policy and the Environment delivered an answer to this question when it released a study exploring the impact of the Monon Trail and other greenways on Indianapolis property values.
The Center used local housing data to help determine whether living close to the Monon Trail added value to a home. Then, using sophisticated statistical techniques, they were able to show what Realtors already know intuitively: People pay more for properties in locations with good schools, nice parks, and amenities like the Monon Trail.
… In this study, analysts were challenged to accomplish what Realtors had tried for years--to put a dollar value on a home's proximity to the Monon Trail. They assessed the selling prices of homes at different distances from the Monon Trail -- one-half mile, one mile, and five miles away. They discovered that proximity to greenways like the Monon Trail has positive, significant effects on property values--and that when these effects are summed up across the city, the total impacton central Indiana could be in the millions of dollars.''