A very simple model has been developed which delineates the areas which receive given levels of transport cost savings as a result of a transportation improvement. It is hypothesized that a portion of these savings will be capitalized into the value of residential property. Statistical tests which control for other determinants of housing value, e.g., neighborhood characteristics, physical characteristics of the property, etc., have indeed shown a positive impact on property values, attributable to the presence of transport cost savings made available by the High Speed Line. Refining and testing of the models developed herein continues. The travel-savings model and the empirical application presented above have important policy implications. The theory clearly indicates the control variables available to policy-makers and the relative strength of these variables in shifting modal choice boundaries, station or interchange market areas, and the level of travel savings. The iso-savings line analysis should allow for improved land use planning in urban transportation corridors. There is increasing interest when evaluating the impact of proposed projects, not just in arriving at grand totals for the benefits and costs, but in identifying which social and geographic groups receive or incur these benefits and costs. The iso-savings lines provide a simple and theoretically sound basis for examining the relative impacts of a transportation improvement.