Estimating the value of a new transit option

Billings, Stephen B.

doi:10.1016/j.regsciurbeco.2011.03.013

Cited by 215 publications

(172 citation statements)

References 23 publications

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“…For a newly opened light rail line in Charlotte, North Carolina, Billings (2011) finds that residential real estate prices within one mile of a station increase by about 4% for single family homes, by about 11% for condominiums and that light rail access has no effect on commercial property prices. Ahlfeldt et al (2012) find that properties further than 250m from a 1936 subway line experienced about a 40% smaller decrease in value as a consequence of the division of Berlin than did those within 250m.…”

Section: Subways and The Internal Organization Of Cities And Relatedmentioning

confidence: 99%

Transportation Costs and the Spatial Organization of Economic Activity

Redding

Turner

2015

Handbook of Regional and Urban Economics

274

127

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This paper surveys the theoretical and empirical literature on the relationship between the spatial distribution of economic activity and transportation costs. We develop a multi-region model of economic geography that we use to understand the general equilibrium implications of transportation infrastructure improvements within and between locations for wages, population, trade and industry composition. Guided by the predictions of this model, we review the empirical literature on the effects of transportation infrastructure improvements on economic development, paying particular attention to the use of exogenous sources of variation in the construction of transportation infrastructure. We examine evidence from different spatial scales, between and within cities. We outline a variety of areas for further research, including distinguishing reallocation from growth and dynamics.

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Section: Subways and The Internal Organization Of Cities And Relatedmentioning

confidence: 99%

Transportation Costs and the Spatial Organization of Economic Activity

Redding

Turner

2015

Handbook of Regional and Urban Economics

274

127

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“…Research on TODs has primarily focused on the accessibility benefits associated with moving into a TOD area, such as employment (Cervero and Day, 2008;Olaru et al, 2011); enhancement of physical activity levels due to walking (Brown and Werner, 2007); and property investment (Billings, 2011). Alternatively, studies have also examined the negative impacts of living in TOD areas such as noise, pollution, and crime (Atkinson-Palombo, 2010;Bowes and Ihlanfeldt., 2001).…”

Section: Transit Oriented Development (Tod)mentioning

confidence: 99%

Residential dissonance and mode choice

Kamruzzaman

Baker

Washington

et al. 2013

Journal of Transport Geography

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Residential dissonance refers to the mismatch in land-use patterns between individuals' preferred residential neighbourhood type and the type of neighbourhood in which they currently reside. Current knowledge regarding the impact of residential dissonance is limited to short-term travel behaviours in urban vs. suburban, and rural vs. urban areas. Although the prevailing view is that dissonants adjust their orientation and lifestyle around their surrounding land use over time, empirical evidence is lacking to support this proposition. This research identifies both short-term mode choice behaviour and medium-term mode shift behaviour of dissonants in Transit Oriented Development (TODs) vs.non-TOD areas in Brisbane, Australia. Natural groupings of neighbourhood profiles (e.g. residential density, land use diversity, intersection density, cul-de-sac density, and public transport accessibility levels) of 3957 individuals were identified as living either in a TOD (510 individuals) or non-TOD (3447 individuals) areas in Brisbane using the TwoStep cluster analysis technique. Levels of dissonance were measured based on a factor analysis of 16 items representing the travel attitudes/preferences of individuals. Two multinomial logistic (MNL) regression models were estimated to understand mode choice behaviour of (1) TOD dissonants, and (2) non-TOD dissonants in 2009, controlling for sociodemographics and environmental characteristics. Two additional MNL regression models were estimated to investigate mode shift behaviour of (3) TOD dissonants, and (4) non-TOD dissonants between 2009 and 2011, also controlling for socio-demographic, changes in socio-demographic, and built environmental factors. The findings suggest that travel preference is relatively more influential in transport mode choice decisions compared with built environment features. Little behavioural evidence was found to support the adjustment of a dissonant orientation toward a particular land use feature and mode accessibility they represent (e.g. a modal shift to greater use of the car for non-TOD dissonants). TOD policies should focus on reducing the level of dissonance in TODs in order enhance transit ridership. Keywords:Residential dissonance; transit oriented development; travel behaviour change; residential self-

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“…The results have been mixed with studies suggesting a positive effect and others questioning the benefits (Debrezion, Pels, and Rietveld (2007)). Billings (2011) suggests that the variation in estimated impacts could be due to the use of inadequate control groups, and along with Parmeter and Pope (2013) argues for leveraging quasi-experimental estimation techniques. Several studies have used quasi-experimental techniques.…”

Section: Introductionmentioning

confidence: 99%

“…Several studies have used quasi-experimental techniques. For example, research has considered areas outside of a pre-determined threshold (Gatzlaff and Smith (1993); McMillen and McDonald (2004); Hurst and West (2014)) or pro-posed rail corridors (Billings (2011)) as control groups, or used the opening of new stations and service frequency in long-standing rail transit lines (Gibbons and Machin (2005); Dubé, Thériault, and Des Rosiers (2001)). These studies have aided in further shedding light on this policy debate by credibly identifying the effect of rail transit on real estate values.…”

Section: Introductionmentioning

confidence: 99%

Is the Light Rail �Tide� Lifting Property Values? Evidence from Hampton Roads, Virginia

Wagner

Komarek²,

Martín³

2016

Working Paper (Federal Reserve Bank of Cleveland)

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In this paper we examine the effect of light rail transit on the residential real estate market in Hampton Roads, Virginia. The Norfolk Tide light rail began operations in August 2011 and has experienced disappointing levels of ridership over its fi rst four years of operations. We estimate the effect of the Tide using a difference-in-differences model and consider several outcome variables for the residential housing market, including sales price, sales-list price spread and the time-on-market. Our identifi cation strategy exploits a proposed rail line in neighboring Virginia Beach, Virginia, that was rejected by a referendum in 1999. Overall, the results show negative consequences from the constructed light rail line. Properties within 1,500 meters experienced a decline in sales price of nearly 8 percent, while the sale-list price spread declined by approximately 2 percent. Our results highlight the potential negative effects of light rail, when potential accessibility benefi ts do not outweigh apparent local costs.

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Estimating the value of a new transit option

Cited by 215 publications

References 23 publications

Transportation Costs and the Spatial Organization of Economic Activity

Transportation Costs and the Spatial Organization of Economic Activity

Residential dissonance and mode choice

Is the Light Rail �Tide� Lifting Property Values? Evidence from Hampton Roads, Virginia

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