IMPACT ON PROPERTY VALUES: A STUDY OF THE LOS ANGELES METRO RAIL

Effects of transit investments on property values have been difficult to analyse due to the many factors which have influence on property values and the availability of information on such factors. In a city such as Los Angeles, impacts can be caused by regional behaviour as well as local behaviour. This study analyses properties to determine if the announcement of rail transit in Los Angeles (Metro Rail) has any significant impact on property values. Announcement means a consortium of federal, state, and local funding propositions which began in 1983 and was legislated in July 1988 for the purpose of transit investments in Los Angeles. Determining and measuring the extent of impacts in relation to property values can be of use to decision-makers particularly for establishing land use/transportation policies around station areas. The period under study spans over ten years from 1980 to 1990 during which plans -- the duration and the scale of the investment -- became actualised. Actualisation is used in the context of transportation investments that are secured and rail transit which is in the process of being designed and constructed, yet has not become available for the users of the system or for consumer dependent establishments. The key in determining any significant impact to property values is to isolate any other factors that may cause increase in property values, both directly and indirectly. Isolating exogenous variables thus was accomplished at two levels: macro and micro. Using a pre-test-post-test control group, property values after the period of actualisation were found to be significantly different from property values before the period of actualisation. Property values near rail were found to be significantly different from property values located a distance from rail. (A) For the covering abstract see IRRD 866258.

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  PTRC Education and Research Services Limited

  Glenthorne House, Hammersmith Grove
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• Authors:
  • FEJARANG, R A
• Conference:
  • PUBLIC TRANSPORT PLANNING AND OPERATIONS. PROCEEDINGS OF SEMINAR H HELD AT THE EUROPEAN TRANSPORT, HIGHWAYS AND PLANNING 21ST SUMMER ANNUAL MEETING (SEPTEMBER 13-17, 1993), UMIST. VOLUME P370
• Publication Date: 1993

Language

• English

Media Info

• Features: References;
• Pagination: p. 27-41

Subject/Index Terms

• TRT Terms: Conferences; Costs; Dwellings; Forecasting; Land use; Railroad transportation; Residential areas; Subways; Urban areas
• Geographic Terms: United States
• ITRD Terms: 8525: Conference; 224: Cost; 308: Dwelling; 132: Forecast; 356: Land use; 1173: Rail bound transport; 307: Residential area; 1191: Underground railway; 313: Urban area; 8122: USA
• Subject Areas: Finance; Railroads; Terminals and Facilities;

Filing Info

• Accession Number: 00668661
• Record Type: Publication
• Source Agency: Transport Research Laboratory
• ISBN: 0-86050-259-7
• Files: ITRD
• Created Date: Nov 16 1994 12:00AM