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Title:

Bus Rapid Transit Proximity and Property Values in Cleveland, Ohio

Accession Number:

01623272

Record Type:

Component

Abstract:

Bus Rapid Transit (BRT), a form of bus service with several service enhancements, has gained popularity in recent years for its quality of service and relatively low cost of implementation and operations compared to rail based alternatives. Despite these recent gains in popularity, the body of literature measuring its impacts on the urban environment remains largely uncharted. This paper attempts to fill a gap in empirical research by exploring proximity to BRT and its impact on surrounding land values. The hypothesis is that proximity to BRT stations increases the value of property parcels regardless of land use type. This research uses hedonic regression methods to test the hypothesis and estimate the economic impact of the HealthLine BRT on station adjacent property and land values in Cleveland, Ohio. The study finds that there is a significant and moderately strong relationship between proximity to a BRT station and parcel value. However. the expected increases in value vary amongst the industrial, commercial, and residential land uses that were measured. Overall, the study found that BRT access has a greater degree of effect on value per usable square foot for residential parcels compared to commercial or industrial parcels. For instance, residential properties saw their value per square foot decrease by $0.23 up to 1,471 feet from the station and $0.31 up to 3,785 feet from the station. While commercial properties at the same distance as the latter saw a decrease in value per square usable foot of $0.01.

Supplemental Notes:

This paper was sponsored by TRB committee AP050 Standing Committee on Bus Transit Systems.

Monograph Accession #:

01618707

Report/Paper Numbers:

17-00262

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Thompson, Michael
Smart, Michael

Pagination:

15p

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; References; Tables

Geographic Terms:

Cleveland (Ohio)

Subject Areas:

Economics; Operations and Traffic Management; Planning and Forecasting; Public Transportation

Source Data:

Transportation Research Board Annual Meeting 2017 Paper #17-00262

Files:

TRIS, TRB, ATRI

Created Date:

Dec 8 2016 9:59AM