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Title:

The Impact of Transit-Oriented Development on Housing Value Resilience: Evidence from the city of Atlanta

Accession Number:

01626421

Record Type:

Component

Abstract:

There are numerous hedonic price studies on analyzing factors influencing housing values, among which the proximity to transit, has been widely identified. However, little has been understood about what factors impact the resilience of housing values when an economic recession occurs and whether the proximity to transit facilities plays a role. This research attempts to identify whether transit-oriented development (TOD) contributes to the resilience of single family property values during and after the Great Recession in the City of Atlanta, Georgia. Two spatial hedonic price models at the property level were developed to investigate if being located in a TOD area contributes to housing price resilience during and after the recession respectively, compared to being located near rail stations but not having diversified and pedestrian-friendly development patterns in the surrounding area. Results of the models suggest that TOD plays a significant role in maintaining home values during the economic downturn and also facilitates the properties to regain values faster after the recession, when controlling multiple property- and neighborhood- level variables. The results imply that the synergistic effects between transit facilities, walkability around the facility, and supportive nearby land use patterns not only have a positive impact on housing values as suggested by previous literature, but also contribute to the resilience of housing values during and after the economic recession.

Supplemental Notes:

This paper was sponsored by TRB committee ADD30 Standing Committee on Transportation and Land Development. Alternate title: Impact of Transit-Oriented Development on Housing Value Resilience: Evidence from Atlanta, Georgia

Monograph Accession #:

01618707

Report/Paper Numbers:

17-06266

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Zhang, Wenwen
Wang, Fangru
Barchers, Camille
Lee, Yongsung

ORCID 0000-0002-1980-1225

Pagination:

18p

Publication Date:

2017

Conference:

Transportation Research Board 96th Annual Meeting

Location: Washington DC, United States
Date: 2017-1-8 to 2017-1-12
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; Maps; References; Tables

Uncontrolled Terms:

Hedonic price models

Geographic Terms:

Atlanta (Georgia)

Subject Areas:

Economics; Planning and Forecasting; Public Transportation

Source Data:

Transportation Research Board Annual Meeting 2017 Paper #17-06266

Files:

TRIS, TRB, ATRI

Created Date:

Dec 8 2016 12:32PM