Property values higher near Metrorail stations

From the Buffalo News:

Christopher Michel – News Business Reporter
Updated: 06/08/07 10:20 AM

Houses located within a half-mile radius of Buffalo’s light rail stations are assessed to be valued between $1,300 and $3,000 more than houses not within walking distance to a station, according to University at Buffalo study.

The study, “Impact of Proximity to Light Rail Rapid Transit on Station-area Property Values in Buffalo, New York” by Daniel Hess, assistant professor of urban and regional planning in the UB School of Architecture, found property values were increased in neighborhoods close to stations at the UB South Campus, LaSalle Street, Amherst Street, Humboldt Avenue-Sisters Hospital, Delavan Avenue-Canisus, Allen Street-Buffalo-Niagara Medical Campus and Fountain Plaza.

“The gain in property value around rail stations suggests that lower property values in the City of Buffalo, compared to its suburbs and other U.S. metropolitan areas, offer a distinct advantage for economic development,” Hess said in a press release.

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