TRB Pubsindex
Text Size:
x

« Prev Next »

Return to Results | New Search

Bookmark and Share

Title:

A Hedonic Spatial Panel Approach to Estimating the Impact of Network Access to Bike and Public Transit Facilities on Housing Prices

Accession Number:

01554317

Record Type:

Component

Availability:

Transportation Research Board Business Office

500 Fifth Street, NW
Washington, DC 20001 United States

Abstract:

Urban economists and planners have largely accepted the notion that increased proximity to transportation facilities positively impacts the market value of a housing unit by providing the household with greater access to activity locations. Yet, outside of the oft-studied relationship on housing price and proximity to transit stations, there has been limited empirical study of how an increased proximity to bike facilities influences the sales price of a house. Moreover, the findings from studies into the housing price benefits of public transit station proximity have yet to establish any consensus due to the adoption of widely varying and insufficient methodologies. In response, this study develops a hedonic spatial panel modeling approach to estimate the added housing value of improved network proximity to bike lanes and multi-use paths as well as light rail and streetcar stations in the City of Portland, Oregon from 2002-2013. The application of this framework advances the evidence base by offering the first hedonic analysis of bike infrastructure to utilize a longitudinal dataset in addition to conducting an assessment of the joint influence of bike and transit proximity on housing sales price. The results of this research reveal that housing value was significantly and positively related to increased proximity to light rail or streetcar stations and may also be positively influenced by proximity to bike lanes or multi-use paths. Given the new findings highlighted by this methodologically innovative study, innovative transportation infrastructure financing mechanisms, particularly those that rely on rising property values may be better informed.

Supplemental Notes:

This paper was sponsored by TRB committee ADD20 Social and Economic Factors of Transportation.

Monograph Accession #:

01550057

Report/Paper Numbers:

15-1688

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Welch, Timothy F
Gehrke, Steven R
Wang, Fangru

Pagination:

12p

Publication Date:

2015

Conference:

Transportation Research Board 94th Annual Meeting

Location: Washington DC, United States
Date: 2015-1-11 to 2015-1-15
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; Photos; References; Tables

Geographic Terms:

Portland (Oregon)

Subject Areas:

Economics; Pedestrians and Bicyclists; Public Transportation; Terminals and Facilities; I10: Economics and Administration

Source Data:

Transportation Research Board Annual Meeting 2015 Paper #15-1688

Files:

TRIS, TRB, ATRI

Created Date:

Dec 30 2014 12:37PM