Bringing high-speed rail to Virginia will take decades and cost an estimated $5.3 billion -- if the money can be found. Virginia currently has about $30 million a year earmarked for capital improvements to state rails.

Virginia officials applied for  $1.8 billion in federal stimulus money to develop the part of the Southeast High Speed Rail Corridor between Petersburg and the nation's capital. Just $75 million was approved.

Homeowners along Virginia's planned high-speed rail corridors stand to benefit from the development of the efficient transportation network. A relatively inexpensive and convenient commute between major cities would spur economic development, which would in turn stimulate the real estate market.

Read more in The Richmond Times-Dispatch:

• Funding is among the obstacles to high-speed rail in Richmond
• Va. seeks more federal funding for high-speed rail