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作者

来源

URBAN STUDIES,Vol.55,Issue16,P.3615-3630

语言

英文

关键字

housing sales; price resiliency; rail stations; repeat sales analysis; transit accessibility; PROPERTY-VALUES; LIGHT RAIL; TRANSIT STATIONS; LAND VALUES; PRICE; AMENITIES; IMPACT; TRANSPORTATION; INVESTMENT; AREA

作者单位

[Welch, Timothy F.] Georgia Inst Technol, 760 Spring St NE,Suite 213, Atlanta, GA 30308 USA. [Gehrke, Steven R.] Portland State Univ, Portland, OR 97207 USA. [Farber, Steven] Univ Toronto Scarborough, Toronto, ON, Canada. Welch, TF (reprint author), Georgia Inst Technol, 760 Spring St NE,Suite 213, Atlanta, GA 30308 USA. E-Mail: tim.welch@design.gatech.edu

摘要

The recent United States housing market crisis resulted in a significant decline in housing market values. Yet, the extent to which urban amenities such as rail stations moderated the market impacts has not been entirely recognised. This study undertakes a repeat sales analysis to understand the impact of station proximity on housing values before, during and after the market crisis. Specifically, a housing price resilience index assesses market changes from 2002 to 2013 for single-family and multifamily homes within a quarter of a mile, half a mile, one mile and greater distances from the nearest rail station. The analysis is replicated in three cities: Atlanta, Georgia; Baltimore, Maryland; and Portland, Oregon. Although the recession had significant negative impacts on properties in each city, our study finds that access played a critical role in helping transit-orientated submarkets retain their value throughout the recession and recover value at a faster rate than homes without convenient fixed transit access.