Residential Property Valuations near Transit Stations with Transit-Oriented Development

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 average property valuations surrounding eight transit stations with TOD using residential property valuation data provided by Zillow™, an on-line real estate listing firm. An hedonic regression analysis evaluates the association between average block level residential property valuations and the distance to the station with TOD and other stations with direct access to New York City. 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.

• Supplemental Notes:
  • This paper was sponsored by TRB committee ADD30 Transportation and Land Development.
• Corporate Authors:

  Transportation Research Board

  500 Fifth Street, NW
  Washington, DC  United States  20001
• Authors:
  • Kay, Andrew I
  • Noland, Robert B
  • DiPetrillo, Stephanie
• Conference:
  • Transportation Research Board 93rd Annual Meeting
  • Location: Washington DC
  • Date: 2014-1-12 to 2014-1-16
• Date: 2014

Language

• English

Media Info

• Media Type: Digital/other
• Features: Figures; References; Tables;
• Pagination: 15p
• Monograph Title: TRB 93rd Annual Meeting Compendium of Papers

Subject/Index Terms

• TRT Terms: Accessibility; Mixed use development; Property values; Rail transit stations; Real property; Regression analysis; Residential location; Transit oriented development; Valuation
• Geographic Terms: New York (New York)
• Subject Areas: Economics; Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01519910
• Record Type: Publication
• Report/Paper Numbers: 14-2237
• Files: TRIS, TRB, ATRI
• Created Date: Mar 26 2014 10:11AM