1120 SW Fifth Ave, Suite 800, Portland, OR 97204
We all know that trails - also known in wonky transportation circles as multi use paths - are good for people's health and the environment by creating car-free corridors for sustainable travel and recreation.
But do they raise property values?
According to a study by University of Cincinnati urban planning and economics professors, they do. Professors Rainer vom Hofe Olivier Parent studied homes sales adjacent to a 12 mile stretch of the Little Miami Scenic Trail in the Cincinnati metro area.
The study found that proximity to trails increased property values. For each foot nearer in proximity, the sale price values by $9. The authors concluded that home buyers were willing to pay an extra $9000 for a home within 1,000 feet (a little under four Portland city blocks) of the trail.
The Portland region is home to several multi use trails, including the Springwater Corridor, Waterfront Park, and Fanno Creek Trail in Washington County.
Springwater Corridor Trail photo courtesy of Steven Nehl/Oregon Live