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Transportation, Sorting and House Values

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  • Richard Voith

Abstract

In this paper, we examine the importance of accessibility to employment and transportation system attributes for residential location choice, car ownership and house values. Using the 1980 Census of Housing and Journey to Work data merged with transportation system data, we find strong evidence of residential sorting based on employment location. We find that suburban areas with good commuter rail access to the CBD have significantly greater fractions of their labor force working in the CBD, own fewer cars and have higher house prices than similar neighborhoods and houses in census tracts without service. The house value premium is over 6.4%. Copyright American Real Estate and Urban Economics Association.

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Bibliographic Info

Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 19 (1991)
Issue (Month): 2 ()
Pages: 117-137

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Handle: RePEc:bla:reesec:v:19:y:1991:i:2:p:117-137

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Cited by:
  1. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2011. "The Impact of Rail Transport on Real Estate Prices: An Empirical Analysis of the Dutch Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 48(5), pages 997-1015, April.
  2. Richard Voith, 1996. "The suburban housing market: the effects of city and suburban job growth," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-25.
  3. Mohammad, Sara I. & Graham, Daniel J. & Melo, Patricia C. & Anderson, Richard J., 2013. "A meta-analysis of the impact of rail projects on land and property values," Transportation Research Part A: Policy and Practice, Elsevier, vol. 50(C), pages 158-170.
  4. Cervero, Robert, 1996. "Mixed land-uses and commuting: Evidence from the American Housing Survey," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(5), pages 361-377, September.
  5. Voith, Richard, 1997. "Fares, Service Levels, and Demographics: What Determines Commuter Rail Ridership in the Long Run?," Journal of Urban Economics, Elsevier, vol. 41(2), pages 176-197, March.
  6. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2006. "The Impact of Rail Transport on Real Estate Prices: An Empirical Analysis of the Dutch Housing Market," Tinbergen Institute Discussion Papers 06-031/3, Tinbergen Institute.
  7. Cervero, Robert & Duncan, Michael, 2002. "Residential Self Selection and Rail Commuting: A Nested Logit Analysis," University of California Transportation Center, Working Papers qt1wg020cd, University of California Transportation Center.
  8. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2004. "The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis," Tinbergen Institute Discussion Papers 04-023/3, Tinbergen Institute.
  9. Cervero, Robert & Menotti, Val, 1994. "Market Profiles of Rail-Based Housing Projects in California," University of California Transportation Center, Working Papers qt89k664kz, University of California Transportation Center.
  10. Julian Diaz III & J. Andrew Hansz & Matthew L. Cypher & Darren K. Hayunga, 2008. "Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas," Journal of Real Estate Research, American Real Estate Society, vol. 30(2), pages 225-248.
  11. Gabriel Ahlfeldt, 2007. "If Alonso Was Right: Accessibility as Determinant for Attractiveness of Urban Location," Working Papers 012, Chair for Economic Policy, University of Hamburg.
  12. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2004. "The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis," Tinbergen Institute Discussion Papers 04-023/3, Tinbergen Institute.
  13. Dubé, Jean & Thériault, Marius & Des Rosiers, François, 2013. "Commuter rail accessibility and house values: The case of the Montreal South Shore, Canada, 1992–2009," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 49-66.
  14. Smersh, Greg T. & Smith, Marc T., 2000. "Accessibility Changes and Urban House Price Appreciation: A Constrained Optimization Approach to Determining Distance Effects," Journal of Housing Economics, Elsevier, vol. 9(3), pages 187-196, September.
  15. John D. Benjamin & G. Stacy Sirmans, 1996. "Mass Transportation, Apartment Rent and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 1-8.
  16. Cervero, Robert & Bernick, Michael & Gilbert, Jill, 1994. "Market Opportunities and Barriers to Transit-Based Development in California," University of California Transportation Center, Working Papers qt2c01z5hw, University of California Transportation Center.
  17. Cervero, Robert & Duncan, Michael, 2008. "Residential Self Selection and Rail Commuting: A Nested Logit Analysis," University of California Transportation Center, Working Papers qt72p9n6qt, University of California Transportation Center.
  18. Dubé, Jean & Rosiers, François Des & Thériault, Marius & Dib, Patricia, 2011. "Economic impact of a supply change in mass transit in urban areas: A Canadian example," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 46-62, January.
  19. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2005. "Impact of railway station on Dutch residential housing market," ERSA conference papers ersa05p748, European Regional Science Association.
  20. Paul K. Asabere & Forrest E. Huffman, 1996. "Thoroughfares and Apartment Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 9-16.
  21. Cervero, Robert & Landis, John, 1997. "Twenty years of the Bay Area Rapid Transit system: Land use and development impacts," Transportation Research Part A: Policy and Practice, Elsevier, vol. 31(4), pages 309-333, July.
  22. Richard Voith, 1998. "Transportation investments in the Philadelphia metropolitan area: who benefits? Who pays? And what are the consequences?," Working Papers 98-7, Federal Reserve Bank of Philadelphia.

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