€œIt has to be a lot, said Perri K. Feldman of Keller Williams Realty, who has built a client base in towns along a section of the New Jersey Transit Midtown Direct line running from Morristown to South Orange. €œIts the first question so many people ask about a house: €˜How close is it to the train? Can I walk to the station?
Now, the extra value that comes with proximity to a station with direct service to Manhattan €” no transfer required €” has been quantified: $19,000, on average, for homes within two miles of a station; $29,000 for houses within half a mile.
Home values would increase by those amounts in neighborhoods surrounding 10 New Jersey Transit lines and 2 Metro-North Railroad lines if a third rail tunnel under the Hudson River was ever built, according to a study by the independent Regional Plan Association.
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