Bike Trails Increase Property Value
A recent study by two University of Cincinnati professors, Rainer vom Hofe and Olivier Parent, has shown the importance of bike trails to increasing property values. The study focused on the Little Miami Scenic Trail which cuts across the Cincinnati metropolitan region in Ohio, and found that real estate value increased by $9 every foot closer to the trail. These trails also have a positive spillover effect for local governments by increasing property taxes. To these, vom Hofe explains in the Atlantic Cites that "Many cities don’t have the great outdoors next door,” he says. “They have to look at what they do have, and things like parks and trails and green space are all assets that people are willing to pay more to be located near."