You may be surprised to learn that bike-friendly amenities largely contribute to property values. Active transportation is a major development in urban centers and suburban outposts in communites worldwide. Various forms of active transportation, including bike trails, and bike-share systems, are helping to create a new generation of trail-oriented development. Home values in locations with above-average transportation appear to be higher on a national scale by as much as $34,000. For example, homes located near the Indianapolis Cultural Trail have experienced a considerable rise in value, 148% to be exact, since the trail's opening nearly six years ago.
Radnor Township, Pennsylvania, has experienced a rise in property values within one quarter of a mile of Radnor Trail. The average increase is $70,000 and Atlanta and Dallas have experienced similar trends.
An increased sense of safety as well as the desire for enhanced well-being have been motivating factors in drawing bikers to these trails. Features such as graded paths, protective posts, and bicycle boulevards are appealing to bike commuters who compete with motorists on a daily basis. Outdoor physical activity is also an interest for avid bikers.
The benefits of active transportation are endles and can lead to reduced air pollution and vehicle greenhouse gas emissions. Shockingly enough, half of all trips taken within the U.S. are less than three miles long, which equates to a 20-minute bicycle ride.
Bicycle ammenities are causing significant increases in rents and retail sales and decreased medical costs.
Many communities do not have adequate infrastructure to support cycling and 52% of cyclists would prefer to live in an area that would not necessitate the use of a car. It is unclear what the cause is for such an imbalance as the installation of a bicycle network is a fairly modest investment. Portland, Oregan constructed a 300-mile bike trail for approximately the same cost as one mile of a four-lane freeway and builders have begun to meet the demands for accessible development, however key members of the industry lag behind.
The goal for bicycle enthusiasts is to create the option of a lifestyle inviting more options while decreasing dependence on motor vehicles. Real estate professionals have the ability to influence neighborhoods, streets, and even buildlings through supporting bike infrastructure, thus creating healthier, more sustainable communities.
If you'd like to learn more, please message Lang Premier Properties online or call us at 1-855-526-4466.