Evaluating the Impact of Rail-Trail Conversion Projects on Property Values: Empirical Evidence from the Illinois Prairie Path
Carvajal N., Ana Maria
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https://hdl.handle.net/2142/35308
Description
Title
Evaluating the Impact of Rail-Trail Conversion Projects on Property Values: Empirical Evidence from the Illinois Prairie Path
Author(s)
Carvajal N., Ana Maria
Issue Date
1999
Director of Research (if dissertation) or Advisor (if thesis)
George, Varkki
Department of Study
Urban Planning
Discipline
Urban Planning
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Level
Thesis
M.S.
Keyword(s)
Rail Trail - Illinois - Economic Aspects
Real Property -- Valuation
Illinois Prairie Path
Language
en
Abstract
Local governments and urban planners are increasingly interested in converting abandoned railroad lines to recreational uses. Despite the benefits that can be derived from such rail-trail conversion projects, they often face strong political opposition. This opposition is primarily from owners of residential properties along the railroad right-of way who fear that the value of their properties will decline after the conversion. This study uses empirical data (as opposed to opinion surveys) from the Illinois Prairie Path to test if these fears are justified. Assessed land values of properties 'close to' and 'away from' the trail are compared. The same is done for rental prices. In the first case, no significant difference is found for an average property, but different impacts result from analyzing particular assessed land value levels. In the second case residential rents are found to be higher in properties close to the trail in average, as well as for particular rent levels.
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