An article in the business section of todayâ€™s Philadelphia Inquirer details the beneficial effects of commuter train stations on suburban communities.
The study by Econsult Solutions of Philadelphia and paid for by SEPTA, the regional transit authority, found that the agencyâ€™s regional rail service increased the value of a single-family detached home in the suburbs (Bucks, Delaware, Chester and Montgomery counties) by about $7,900.
The study took a close look at nearly 90,000 transactions involving single family homes in those suburban Philadelphia counties between 2005 and 2012.
It also found that in communities that had stations that were high service (lots of trains) and high parking (like those in Jenkintown, Media, Lansdale and Ardmore), houses are worth anywhere from $31,000 to $37,000 more than homes that are similar but located more than three miles from the train station.
So it seems that having a train station is not only a convenient, inexpensive, fun and environmentally friendly way to get into the city, it also increases a homeâ€™s value.
Thatâ€™s a pretty good deal. Plus you get to hear the horn of the train as it goes through intersections late at night, which is pretty cool in itself. The study did not attach a monetary value to that.