The Long-Term Property Value Effects of Transit Investments: A Comprehensive Multi-Method Approach

This study investigates the relationship between rail transit infrastructure investment and real estate market capitalization of transit station access. All property sales data recorded in the Metropolitan Atlanta Rapid Transit Authority (MARTA) rail service area of Fulton and DeKalb Counties in Atlanta, Georgia from 1975 to 2009 are analyzed, applying hedonic regression and sales methods to measure capitalization. By comparing multiple grouped cross sections (tranches) the very long-term period to period change in value-added is tracked. The study takes into account different types of residential property - single family and owner-occupied multifamily units - to measure changes in the relationship between transit proximity and property values. The results of the study show that proximity to a rail station in Atlanta had virtually no impact on property values for two decades. During the last decade of the study period, there was a substantial shift in results indicating that since 1997 single family and multifamily residential units in the MARTA rail service area benefited greatly from proximity to rail stations. The scope of this study’s dataset, both in time and space is unprecedented, shedding new light on the housing value and transit proximity relationship.

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• Supplemental Notes:
  • This paper was sponsored by TRB committee ADD10 Transportation and Economic Development.
• Corporate Authors:

  Transportation Research Board

  500 Fifth Street, NW
  Washington, DC  United States  20001
• Authors:
  • Welch, Timothy F
• Conference:
  • Transportation Research Board 94th Annual Meeting
  • Location: Washington DC, United States
  • Date: 2015-1-11 to 2015-1-15
• Date: 2015

Language

• English

Media Info

• Media Type: Digital/other
• Features: Figures; Maps; References; Tables;
• Pagination: 22p
• Monograph Title: TRB 94th Annual Meeting Compendium of Papers

Subject/Index Terms

• TRT Terms: Distance; Dwellings; Property values; Rail transit stations; Regression analysis
• Identifier Terms: Metropolitan Atlanta Rapid Transit Authority
• Geographic Terms: Atlanta (Georgia)
• Subject Areas: Economics; Public Transportation; I10: Economics and Administration;

Filing Info

• Accession Number: 01554189
• Record Type: Publication
• Report/Paper Numbers: 15-1677
• Files: PRP, TRIS, TRB, ATRI
• Created Date: Feb 26 2015 9:49AM