Residential property valuations near transit stations with transit-oriented development

Authors

Andrew I. Kay
Robert B. Noland
Stephanie DiPetrillo

Document Type

Journal Article

Publication Date

2014

Subject Area

place - north america, mode - rail, infrastructure - station, land use - transit oriented development

Keywords

Transit, Development, Spatial error, Hedonic analysis, Zillow

Abstract

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 median property valuations surrounding eight transit stations with TOD using residential property valuation data provided by Zillow™, an on-line real estate listing firm. A hedonic regression analysis was used to evaluate the association between median block-group-level residential property valuations and the distance to the station with TOD and other stations with direct, non-stop access to New York City, while controlling for demographic and housing variables. Spatial econometric software and techniques are used to control for spatial autocorrelation. 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.

Rights

Permission to publish the abstract has been given by Elsevier, copyright remains with them.

Comments

Journal of Transport Geography home Page:

http://www.sciencedirect.com/science/journal/09666923

Recommended Citation

Kay, A.I., Noland, R.B. & DiPetrillo, S. (2014). Residential property valuations near transit stations with transit-oriented development. Journal of Transport Geography, Vol. 39, pp. 131–140.