Evaluating the Impact of Rail-Trail Conversion Projects on Property Values: Empirical Evidence from the Illinois Prairie Path

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.

Level thesis:degree_level

Thesis

Discipline thesis:degree_discipline

Urban Planning

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2012

Author dc:creator

• Carvajal N., Ana Maria

Contributors dc:contributor

• George, Varkki

• Rail Trail - Illinois - Economic Aspects
• Real Property -- Valuation
• Illinois Prairie Path

Statement dc:rights

• Copyright 1999 by Ana Maria Carvajal N.

Language dc:language

en

Handle dc:identifier

http://hdl.handle.net/2142/35308

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/35308