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Accessibility and Residential Land Values: Some Tests with New Measures

Author

Listed:
  • Genevieve Giuliano

    (Genevieve Giuliano is in the School of Policy, Planning and Development, University of Southern California, Los Angeles, CA 90089-0636, USA, giuliano@usc.edu)

  • Peter Gordon

    (Peter Gordon is in the School of Policy, Planning and Development, University of Southern California, Los Angeles, CA 90089-0636, USA, pgordon@usc.edu)

  • Qisheng Pan

    (Qisheng Pan is in the School of Public Affairs, Texas Southern University, Houston, TX 77004, USA, panqisheng@gmail.com)

  • JiYoung Park

    (JiYoung Park is in the Department of Urban and Regional Planning, University at Buffalo, Buffalo, NY 14620, USA, jp292@buffalo.edu)

Abstract

Accessibility is a fundamental concept in theories of metropolitan spatial structure. Urban economic models explain urban structure as a function of access to jobs; accessibility is capitalised into land values, which in turn explain the population distribution. Studies of residential land values show that many factors contribute to the value of a given location: the characteristics of the housing unit, its location with respect to social and environmental amenities, as well as access to jobs, services and other economic opportunities. Empirical studies typically use job access as a proxy for more generalised access to economic activities. However, jobs represent many different activities, from retail shopping to heavy manufacturing, and the value of access to these activities may be positive or negative. In this paper, accessibility measures based on industry sectors have been developed, allowing the separating out of possible different effects. Their impacts are tested on residential land values using data from the Los Angeles region. A multilevel modelling approach is used in order to control for neighbourhood-level attributes common to multiple properties. It is found that the various access measures have different and significant effects on land values, but attributes of the dwelling unit, together with access to the coast, explain most of the variation. The multilevel model is confirmed; there is significant correlation among properties within the same neighbourhood.

Suggested Citation

  • Genevieve Giuliano & Peter Gordon & Qisheng Pan & JiYoung Park, 2010. "Accessibility and Residential Land Values: Some Tests with New Measures," Urban Studies, Urban Studies Journal Limited, vol. 47(14), pages 3103-3130, December.
    • Handle: RePEc:sae:urbstu:v:47:y:2010:i:14:p:3103-3130
    DOI: 10.1177/0042098009359949
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    2. Sadayuki, Taisuke, 2018. "Measuring the spatial effect of multiple sites: An application to housing rent and public transportation in Tokyo, Japan," Regional Science and Urban Economics, Elsevier, vol. 70(C), pages 155-173.
    3. Mitra, Suman K. & Saphores, Jean-Daniel M., 2016. "The value of transportation accessibility in a least developed country city – The case of Rajshahi City, Bangladesh," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 184-200.
    4. Lin, Jen-Jia & Cheng, Yu-Chun, 2016. "Access to jobs and apartment rents," Journal of Transport Geography, Elsevier, vol. 55(C), pages 121-128.
    5. Jin Han Park & Dong Kun Lee & Chan Park & Ho Gul Kim & Tae Yong Jung & Songyi Kim, 2017. "Park Accessibility Impacts Housing Prices in Seoul," Sustainability, MDPI, vol. 9(2), pages 1-14, January.
    6. Wang, Yiming & Feng, Suwei & Deng, Zhongwei & Cheng, Shuangyu, 2016. "Transit premium and rent segmentation: A spatial quantile hedonic analysis of Shanghai Metro," Transport Policy, Elsevier, vol. 51(C), pages 61-69.
    7. Melanie Zhang & Steven Devaney & Anupam Nanda, 2018. "Strategic Alliance and Submarket Choices of Commercial Real Estate Investors – A Multinomial Approach," ERES eres2018_210, European Real Estate Society (ERES).
    8. Taisuke Sadayuki, 2017. "Measuring the spatial effect of multiple sites," RIEEM Discussion Paper Series 1703, Research Institute for Environmental Economics and Management, Waseda University.
    9. Seo, Kihwan & Golub, Aaron & Kuby, Michael, 2014. "Combined impacts of highways and light rail transit on residential property values: a spatial hedonic price model for Phoenix, Arizona," Journal of Transport Geography, Elsevier, vol. 41(C), pages 53-62.
    10. Steven Devaney & David Scofield & Fangchen Zhang, 2019. "Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities," The Journal of Real Estate Finance and Economics, Springer, vol. 59(3), pages 490-513, October.

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