Impacts of Lane Transit District's EmX Bus Rapid Transit (BRT) on Area Residential Property Values

Bus rapid transit (BRT) has been growing in popularity in the United States and the mode’s impacts on property values and land uses need to be better understood. Economic theory suggests, and literature has shown, that people are willing to pay higher housing costs to reduce their transportation costs of accessing areas of economic activity. Does high-quality BRT service reliably provide such access and, thereby, increase residential property values? The hypothesis is that property values are higher closer to BRT stations, reflecting a premium for the access provided by the BRT service. The literature reveals that, to date, relatively little work has been done on U.S. BRT systems’ impacts on property values using robust techniques. Further, because every BRT system is different, it is helpful to analyze additional systems to estimate how modern U.S. BRT may affect surrounding property values. This research contributes to the body of literature on this topic by examining Lane Transit District’s EmX BRT service (Eugene, Oregon) using econometric modeling to estimate changes in property values associated with the BRT. The findings indicate that the EmX BRT does positively impact surrounding single-family home sale prices. Results are statistically significant yet, as expected, relatively small in magnitude. An interesting finding is that the impact of the EmX stations on property values increased in each of the three years examined in this study (2005, 2010, and 2016). These results provide further insight into how BRT can enhance the livability and economic development in a community.

Language

  • English

Media Info

  • Media Type: Web
  • Features: Figures; References; Tables;
  • Pagination: 17p

Subject/Index Terms

Filing Info

  • Accession Number: 01763800
  • Record Type: Publication
  • Report/Paper Numbers: TRBAM-21-03561
  • Files: TRIS, TRB, ATRI
  • Created Date: Dec 23 2020 11:11AM