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This comprehensive regression analysis of 78,000 home sales found that buyers paid considerably more for homes located within walking distance of stations after a new, 10 to 20 minute saving train service to Midtown Manhattan was inaugurated in 1996. The relative value for a location near a train station (compared to other property attributes such as number of rooms and school quality) went from -$30,000 to +$90,000, on an average property sale price of $450,000. This report was written by staff member Juliette Michaelson while she was a graduate student at Columbia University.