Impact of a light rail extension on residential property values
place - north america, place - urban, mode - tram/light rail, land use - impacts
Previous work has examined a new light-rail line or upgrades to existing rail infrastructure. However, the following is the first examination of the value of an extension of a light-rail line. The analysis relies on repeat sales of houses in Bayonne, New Jersey, where the first sale occurred before the 2008 announcement of a southern extension to the Hudson-Bergen Light Rail to 8th Street in Bayonne, and the second sale occurred after the opening of the station in 2011. Our results show that the 8th Street Station had no statistically significant impact on annual house price appreciation. That is, we find no evidence that properties closer to the station showed more price appreciation than properties further from the station.
Permission to publish the abstract has been given by Elsevier, copyright remains with them.
Camins-Esakov, J., & Vandegrift, D. (2017). Impact of a light rail extension on residential property values. Research in Transportation Economics, Available online 28 April 2017. In Press, Corrected Proof — Note to users.