The Anticipation and Location Variation Effects of Metro Lines on Housing Prices – A Case Study of the Q-line Extension in New York City
Investment in public transportation such as a metro line extension is often capitalized partially into housing values due to both the spatial and temporal effects. This paper studies the Q-line extension in New York City using housing transaction data from 2014 to 2019, with spatial autocorrelation-corrected hedonic pricing models. The authors investigate multiple metro station catchment areas to capture spatial variation of housing price dynamics. The results indicate price discounts, which vary by occupancy type and building form, in close proximity to stations post operation. After controlling for location variation, the authors observe price premiums on the westside and price discounts on the eastside of the Q-line post construction. The anticipation effect varies by distance to metro extension stations, both before and after the operation of metro line extension. The authors discuss the disruption of metro construction on housing market depends on housing type, location variation, and changes over time.
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Supplemental Notes:
- This paper was sponsored by TRB committee AEP15 Standing Committee on Transportation Planning Analysis and Application.
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Corporate Authors:
Transportation Research Board
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Authors:
- Guan, Chenghe
- Peiser, Richard
- Tan, Junjie
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Conference:
- Transportation Research Board 100th Annual Meeting
- Location: Washington DC, United States
- Date: 2021-1-5 to 2021-1-29
- Date: 2021
Language
- English
Media Info
- Media Type: Digital/other
- Features: Appendices; Figures; Maps; Photos; References; Tables;
- Pagination: 26p
Subject/Index Terms
- TRT Terms: Before and after studies; Housing; Line extensions (Rail transit); Location; Prices; Property values; Rail transit stations; Rapid transit; Spatial analysis
- Geographic Terms: New York (New York)
- Subject Areas: Economics; Planning and Forecasting; Public Transportation; Railroads; Terminals and Facilities;
Filing Info
- Accession Number: 01764082
- Record Type: Publication
- Report/Paper Numbers: TRBAM-21-00057
- Files: TRIS, TRB, ATRI
- Created Date: Feb 4 2021 10:57AM