详情

Impacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values

项目名称：	Impacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values
摘要：	As bus rapid transit (BRT) continues to grow in popularity in the United States (U.S.), a better understanding of the mode�s impacts on land uses and property values continues to be needed. Economic theory suggests, and literature has shown, that people are willing to pay higher housing costs in order to lower 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 to various goods, services, employment, education, and recreation. There has been some work on this topic outside of the U.S.; however, due to various cultural, social, and institutional differences, those experiences may not be applicable to U.S. experiences. The literature reveals that, to date, very little work has been done on U.S. BRT systems� impacts on property values using robust econometric techniques and/or spatial modeling (studies on Pittsburgh and Boston have been published). Further, because every BRT is different, it is necessary to continue analyzing additional case studies to provide a more robust understanding of how modern U.S. experiences with BRT services may affect surrounding property values. This research proposes to grow the relatively small body of literature on property value impacts of BRT in the U.S. by conducting a case study on Lane Transit District�s EmX BRT service (Eugene, OR), using econometric and spatial modeling techniques to estimate changes in property values associated with the BRT. (Depending on available resources, additional cities can be included as case studies.) The analysis will be based on hedonic price regression analysis, where sale prices are modeled using several property characteristics that contribute to the market or sale price (however, spatial modeling will also be used using geographic information systems, (GIS). The characteristics include the typical property attributes such as size, number of bedrooms, bathrooms, etc., but also include other variables such as any nuisance factors, neighborhood effects, and distance to key amenities, including BRT. The results of this research will provide further insight into how BRT services can enhance the livability and economic development in a community. Robust results will provide policymakers and the transit industry throughout the U.S. with the best information possible to make informed transit investment decisions in their communities.
状态：	Completed
资金：	$269395
资助组织：	Florida Department of Transportation
管理组织：	TREC at Portland State University
项目负责人：	Hagedorn, Hau
执行机构：	University of South Florida, Tampa
主要研究人员：	Catala, Martin
开始时间：	20150801
预计完成日期：	20170430
实际结束时间：	20170430