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The impact of a new light rail system on single-family property values in Charlotte, North Carolina

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  • Yan, Sisi

    (Environmental Systems Research Institute (ESRI))

  • Delmelle, Eric

    ()
    (The University of North Carolina)

  • Duncan, Michael

    ()
    (Florida State University)

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    Abstract

    This paper examines the impact of a new light rail system on single-family housing values in Charlotte, North Carolina, from 1997 to 2008. We use a Hedonic Price Analysis (HPA) to estimate how proximity to light rail, housing characteristics, and spatial components (at a block group level) affect single-family housing values. The same method is applied to each of the four time periods (t1, t2, t3, t4) that coincide with the pre-planning, planning, construction, and operation phase of the light rail system. We observe a trend that suggests a greater desirability to live closer to a light rail station as the transit system becomes operational.

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    File URL: http://www.jtlu.org/index.php/jtlu/article/download/261/242
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    Bibliographic Info

    Article provided by Center for Transportation Studies, University of Minnesota in its journal The Journal of Transport and Land Use.

    Volume (Year): 5 (2012)
    Issue (Month): 2 ()
    Pages: 60-67

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    Handle: RePEc:ris:jtralu:0082

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    Related research

    Keywords: light rail; housing values; Charlotte; North Carolina; Hedonic Price Analysis;

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    1. McDonald, John F. & Osuji, Clifford I., 1995. "The effect of anticipated transportation improvement on residential land values," Regional Science and Urban Economics, Elsevier, vol. 25(3), pages 261-278, June.
    2. J F Kain & J M Quigley, 1970. "Evaluating the quality of the residential environment," Environment and Planning A, Pion Ltd, London, vol. 2(1), pages 23-32, January.
    3. Steve Gibbons & Stephen Machin, 2004. "Valuing Rail Access Using Transport Innovations," CEP Discussion Papers dp0611, Centre for Economic Performance, LSE.
    4. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
    5. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
    6. Grether, D. M. & Mieszkowski, Peter, 1974. "Determinants of real estate values," Journal of Urban Economics, Elsevier, vol. 1(2), pages 127-145, April.
    7. Claudio A. Agostini & Gastón A. Palmucci, 2008. "The Anticipated Capitalisation Effect of a New Metro Line on Housing Prices," Fiscal Studies, Institute for Fiscal Studies, vol. 29(2), pages 233-256, 06.
    8. N. Edward Coulson & Michael L. Lahr, 2005. "Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 487-507, 09.
    9. Ong, Paul M. & Houston, Douglas, 2002. "Transit, Employment and Women on Welfare," University of California Transportation Center, Working Papers qt3287s046, University of California Transportation Center.
    10. Richard Voith, 1991. "Changing capitalization of CBD-oriented transportation systems: evidence from Philadelphia, 1970-1988," Working Papers 91-19, Federal Reserve Bank of Philadelphia.
    11. Coulson, N. Edward & McMillen, Daniel P., 2008. "Estimating time, age and vintage effects in housing prices," Journal of Housing Economics, Elsevier, vol. 17(2), pages 138-151, June.
    12. 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.
    13. Dean H. Gatzlaff & Marc T. Smith, 1993. "The Impact of the Miami Metrorail on the Value of Residences near Station Locations," Land Economics, University of Wisconsin Press, vol. 69(1), pages 54-66.
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