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Title:

The Impact of Hudson-Bergen Light Rail on Residential Property Appreciation

Accession Number:

01337644

Record Type:

Component

Abstract:

This paper analyzes the impact of the Hudson-Bergen Light Rail (hereafter HBLR) on annual value increase of residential property. Unlike similar studies using hedonic model with cross-sectional data, this study investigates longitudinal data of repeat-sales properties between 1991 and 2008. It shows how proximity to the HBLR stations and the commencement date of the nearest HBLR station influence housing value change. The results show that locations nearest the HBLR line had lower-than-average rates of value appreciation, revealing a modest nuisance cost. However, properties near three commuting stations furthest from the revitalized central business district (CBD) experienced high appreciation. By approximating a negative–exponential gradient, the authors find that these higher appreciation rates tended to dissipate about 1/4 miles from those three stations. This provides strong support that properties around rail commuting stations enjoy higher marginal benefits through reduced transportation costs. This study reveals that housing values appreciated more in neighborhoods with higher percentages of working-age group, of foreign born population, and of good education, Furthermore, it disclose capitalization had, in fact, already taken place during the planning and pre-construction stages. Lastly, the study confirms that properties with relatively lower first sales values are likely to have higher appreciation rates. This repeat sales model demonstrates a positive impact of HBLR on housing value near peripheral urban commuting stations.

Supplemental Notes:

The DVD lists the title of this paper as: Impact of Hudson-Bergen Light Rail on Residential Property Appreciation.

Monograph Accession #:

01329018

Report/Paper Numbers:

11-3559

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Kim, Kyeongsu
Lahr, Michael L

Pagination:

27p

Publication Date:

2011

Conference:

Transportation Research Board 90th Annual Meeting

Location: Washington DC, United States
Date: 2011-1-23 to 2011-1-27
Sponsors: Transportation Research Board

Media Type:

DVD

Features:

Figures (1) ; References (36) ; Tables (3)

Identifier Terms:

Hudson-Bergen Light Rail

Uncontrolled Terms:

Appreciation

Subject Areas:

Economics; Railroads; I10: Economics and Administration

Source Data:

Transportation Research Board Annual Meeting 2011 Paper #11-3559

Files:

TRIS, TRB

Created Date:

Feb 17 2011 6:33PM