Rail transit investment and property values: An old tale retold (original) (raw)
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Effects of Rail Transit on Residential Property Values
Transportation Research Record: Journal of the Transportation Research Board, 2014
The impacts of a rail transit system on residential property values have been examined for many metropolitan areas in the United States, China, and other countries, yet there have been few comparison studies between countries. Studies have reported both the positive effects of rail transit resulting from improved accessibility as well as the nuisance effects from noise, pollution, crime, and unsightliness. The net effects of a rail transit system could be mixed, and there has been no agreement on which would dominate. This study used METRORail in Houston, Texas, and the Metro in Shanghai, China, as empirical cases and compared their effects on nearby residential property values. A hedonic price model with ordinary linear regression was used in the case study of Shanghai's rail transit lines. The Houston case study applied ordinary linear regression and multilevel regression techniques to examine the hierarchical structures of spatial data explicitly. The modeling results from bo...
Journal of Planning Education and Research, 2022
This research examines the impact of light rail stations on housing market by analyzing the 1993–2013 single-family home sale transactions in the City of Los Angeles, California. The study period was divided into seven 3-year periods, and the area was divided into three different groups by income level: low-, middle-, and high-income. The result shows that the opening of light railways increased property values in general. It also revealed the differentiated impacts by neighborhood income levels.
Journal of Transport Geography, 2014
This study analyzes the positive and negative relationships between housing prices and proximity to light rail and highways in Phoenix, Arizona. We hypothesize that the accessibility benefits of light rail transit (LRT) and highways accrue at nodes (stations and highway exits specifically), while disamenities emanate from rail and highway links as well as from nodes. Distance decay of amenities and disamenities is captured using multiple distance bands, and hypotheses are tested using a spatial hedonic model using generalized spatial two-stage least-squares estimation. Results show that proximity to transport nodes was associated significantly and positively with single-family detached home values. As a function of distance from highway exits and LRT stations, the distance-band coefficients form an inverted-U pattern consistent with a positive longer-range distance-decay accessibility effect minus a smaller and shorterrange distance-decay disamenity effect. The positive accessibility effect for highway exits extends farther than for LRT stations. Coefficients for the distance from highway and LRT links, however, were not significant. We also test the effect of highway design on home values and find that below-grade highways have relatively positive impacts on nearby houses compared to those at ground level or above.
Journal of Transport and Land Use, 2019
The impacts of rail transit system on residential property values have been examined for many metropolitan areas in the U.S. But there are few studies on the effects of light rail in a non-zoning city. As the rail transit in the largest non-zoning city, Houston’s light rail transit line, or the so-called METRORail, has not received much attention from the planning research society since it opened to the public in 2004. A previous study by the author utilized 2007 household data to analyze the impacts of Houston’s METRORail line and found the net effects of the rail transit line change significantly at different distances from the rail stations. One limitation of that study was that the physical environment and neighborhood characteristics of the station areas may not have had notable changes over a relatively short time span, i.e., three years after the opening of the light rail. This study employs 2010 InfoUSA household data to re-examine the effects of Houston’s METRORail line. Si...
2016
Transportation infrastructure in urban areas has significant impacts on socioeconomic activities, land use, and real property values. This dissertation proposes a more comprehensive theory of the positive and negative relationships between property values and transportation investments that distinguishes different effects by mode (rail vs. road), by network component (nodes vs. links), and by distance from them. It hypothesizes that
Rail Transit Investments, Real Estate Values, and Land Use Change: A Comparative Analysis of Five …
Chapter One: Introduction I 1 Chapter Two: Theoretical Foundations and Literature Review 2 I 2 2 2.3 2 4 2.5 Summary Chapter Three: Wa2 Transit Access and Single-Family Home Prices 3 I 3 2 3.3 Three Light ?&ad Systems 3 4 Caveats and Conclusions Chapter Four: Rail Transit and Commercial Property Values 4 1 DataIssues 4 2 4 3 4.4 Summary and Caveats Chapeer Five: aail Transit Investments and Station Area h d Use Changes: 1965-1990 5 1 5 2 5 3 5 4
The Impact of Mass Transit on Residential-Property Values
Annals of the Association of American Geographers, 1977
A major impact of mass transit on property values is the capitalization of the reductions in travel costs (travel savings) afforded by a new transportation alternative. The model of mass transit impact presented improves upon existing models in four ways. First, a statistical method is provided to hold constant the factors that might affect property values other than the transportation improvement. Second, the property value gradient to the CBD can be derived by utilizing empirical estimations. Third, two property value gradients are incorporated into the model to study impact. Finally, a "residualization" process controls multicollinearity among housing attributes. The model is used to estimate the impact of newly introduced bus routes on Denver's residential property values.
Transit Stations and Commercial Property Values: A Case Study with Policy and Land-Use Implications
Journal of Public Transportation
There is little research about the association between rail transit station proximity and commercial property values. There is even less research on the role of public policy in influencing commercial property markets near transit stations without resorting to supply-side constraints. The research reported in this article helps close these gaps in research. This article develops a theory on commercial property value with respect to both transit station proximity and the role of policies that encourage commercial development around transit stations without discouraging commercial development elsewhere. The theory is applied to the universe of commercial property sales in the area of Atlanta known as "Midtown, " which is located about 1 kilometer north of the downtown edge. Midtown is served by three heavy rail transit stations operated by the Metropolitan Atlanta Rapid Transit Authority (MARTA). To encourage development around MARTA stations, Atlanta waives parking and floor area ratio requirements in Special Public Interest Districts (SP IDs) located around rail stations. Research shows