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Bike paths and real estate
As we pointed out in our report, The Economic Benefits of Bicycle Infrastructure Investments, studies have shown that real estate property values increase with proximity to bicycle paths. People enjoy living close to bike paths and are willing to pay more for an otherwise comparable house to be closer to one. For example homes within a half mile of the Manon Trail in Indianapolis, Indiana, sell for 14 percent more than comparable houses farther away from the trail.
Photos from LA Times
In recognition of National Bike Month, the Los Angeles Times Business Section published an article this weekend that shows that the value of bicycle paths is not lost on those covering real estate. In an article with the helpful headline “On the Market: Homes Near Bike Paths,” they feature six properties for sale located near close to bicycle facilities. A brief description next to each photo mentions which bicycle path or trails is nearby the property. The values range from just over $300,000 to 1.3 million, which I believe in California, qualifies as something for everyone.
Click on the article to imagine yourself in one of the featured homes-near-paths.