BENEFITS OF PROXIMITY TO RAIL ON HOUSING MARKETS: EXPERIENCES IN SANTA CLARA COUNTY

Santa Clara County, California, has turned to transit oriented development as a means to both reduce traffic congestion and redress severe shortages of affordable housing units. This article examines the degree to which proximity to two forms of rail transit - light rail and commuter rail - confer benefits to residential properties in terms of sales values. Hedonic price models are estimated that show job proximity over transit network as well as nearness to rail stops substantially add value to residential parcels. All else being equal, large apartments within a quarter mile of a light rail station commanded land value premiums as high as 45%. Such market profits not only lure developers to station sites, but also provide a potential source of revenues to local agencies that have set up the kind of value-recapture programs that allow them to participate in land appreciation benefits that accrue.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/30755822
• Corporate Authors:

  University of South Florida, Tampa

  Center for Urban Transportation Research, 4202 East Fowler Avenue
  Tampa, FL  United States  33620-5375
• Authors:
  • Cervero, R
  • Duncan, M
• Publication Date: 2002

Language

• English

Media Info

• Features: References; Tables;
• Pagination: p. 1-18
• Serial:
  • Journal of Public Transportation
  • Volume: 5
  • Issue Number: 1
  • Publisher: University of South Florida, Tampa
  • ISSN: 1077-291X
  • EISSN: 2375-0901
  • Serial URL: http://scholarcommons.usf.edu/jpt/
• Publication flags:

  Open Access (libre)

Subject/Index Terms

• TRT Terms: Commuter service; Housings; Land values; Light rail transit; Market value; Property values; Rail transit; Residential areas; Revenues; Sustainable development; Traffic congestion; Transit oriented development
• Subject Areas: Finance; Passenger Transportation; Planning and Forecasting; Public Transportation; Society;

Filing Info

• Accession Number: 00926030
• Record Type: Publication
• Files: TRIS, ATRI
• Created Date: Jun 5 2004 12:00AM