Mention 'density' in suburban areas and the knee-jerk reaction is, "there go the property values". But is that really the case? In this study from San Jose State University, 4 suburban TODs are evaluated for their effects on nearby property values.
The Transit Oriented Developments (TODs) are located in the East Bay, South Bay, and Peninsula. The four reside by station stops of different categories of rail: heavy (BART), light (Valley Transportation Authority or VTA), and commuter (Caltrain) respectively. The study was funded by the Mineta Transportation Institute at San Jose State University.
From Executive Summary:
"Like any new high-density development, TODs are likely to face community opposition. This opposition may be
more vocal in suburban areas...
While the community opposition to TODs has been pronounced, very little research exists that indicates whether this opposition is well-founded. Economic theory suggests that if a TOD has a negative effect on the surrounding residential neighborhoods then that effect should lower the housing prices in these neighborhoods. Similarly an increase in the housing prices would mean a positive effect of TOD on the surrounding neighborhoods...
This study empirically estimates the impact of four San Francisco Bay Area suburban TODs on single-family home sale prices."
STUDY FINDINGS:
"This study finds that the Ohlone Chynoweth TOD (in San Jose) positively impacts the surrounding single-family residences with every 100 feet decrease in distance of a single-family home to the TOD increasing the home sale price on average by $10,150. However, the remaining three TODs do not have any effect, positive or negative, on the prices of surrounding single-family homes."
FULL STORY: Effect of Suburban Transit-Oriented Developments on Residential Property Values
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