A NJ Transit train
While proximity to subway stations has long influenced home prices in New York City, an $8.7 billion improvement project on the NJ Transit system could have the same effect on dwellers across the Hudson, according to the Wall Street Journal. The multi-billion rail tunnel, which is set to be completed in 2018, is expected to double the system’s rider capacity, providing increased efficiency and speed of travel. And the tunnel is expected to affect home prices, as well — homes within a half-mile of the new tunnel’s stations will likely see property value increases up to $29,000, according to non-profit urban group the Regional Plan Association. In total, the project could create around $18 billion in property value increases, the group reported. [more]