01519910

Component

Access to train stations is highly valued and this is reflected in the premium price of residential property near train stations. Transit-oriented development (TOD) and the amenities provided by mixed use development may also provide value to consumers. The analysis presented here evaluates the average property valuations surrounding eight transit stations with TOD using residential property valuation data provided by Zillow™, an on-line real estate listing firm. An hedonic regression analysis evaluates the association between average block level residential property valuations and the distance to the station with TOD and other stations with direct access to New York City. Results suggest that while the mixed use development typically found with TOD is likely valued, proximity to stations with direct access to New York City leads to higher relative property valuations.

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

01503729

14-2237

English

15p

2014

Transportation Research Board 93rd Annual Meeting

Digital/other

Figures; References; Tables

Accessibility; Mixed use development; Property values; Rail transit stations; Real property; Regression analysis; Residential location; Transit oriented development; Valuation

New York (New York)

Economics; Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning

Transportation Research Board Annual Meeting 2014 Paper #14-2237

TRIS, TRB, ATRI

Jan 27 2014 2:47PM