01657844

Component

Urban transportation planners and policymakers have increasingly turned to light rail transit (LRT) systems as a means to address congestion and greenhouse gas emissions problems across the US. Further, as transportation infrastructure projects are highly correlated with economic growth, LRTs are seen as a means to revitalize decayed urban centers. Referred to as a capitalization of transit benefits, previous studies typically use a-spatial methods to examine the magnitude and direction of premiums on real estate prices for properties near LRT lines. This research argues that spatial models are more appropriate for such analyses. Using single family residence (SFR) sales data from Charlotte, NC, between 2008-2016, the authors find that the price per square foot of properties located between half and one mile away from LRT stations have a $38.03 premium compared to houses located within a half mile of an LRT station, ceteris paribus. Further, SFRs near LRT stations with bike racks and bike lockers command premiums of $18.48/sqft and $12.92/sqft, respectively. These results suggest that while there is a significant nuisance effect associated with living next to stations, SFR owners within the study area do value the increased accessibility associated with LRT.

This paper was sponsored by TRB committee ADD30 Standing Committee on Transportation and Land Development.

18-00476

English

7p

2018

Transportation Research Board 97th Annual Meeting

Digital/other

References; Tables

Dwellings; Light rail transit; Prices; Railroad terminals; Spatial analysis

Charlotte (North Carolina)

Economics; Public Transportation; Railroads

Transportation Research Board Annual Meeting 2018 Paper #18-00476

TRIS, TRB, ATRI

Jan 8 2018 10:08AM