Train stations and house prices: a local perspective
Document Type
Journal Article
Publication Date
2024
Subject Area
mode - rail, infrastructure - station, economics - value capture, ridership - modelling, land use - impacts, land use - planning
Keywords
Train station, house price, amenity, ridership, mixed-effects model
Abstract
Opening a new train station is considered a way to generate amenity in a neighborhood. However, as train lines extend from a central city to suburbs and remote places, train stations may generate disamenity depending on the local context. This study examines the externality of stations from a house valuation perspective. A mixed-effects model is employed to capture the varying relationship between house prices and distance to a nearby station. The results show that this relationship significantly varies by county, which leads to a house price premium in some counties and price discount in others. This study attributes the price discount (disamenity) to low ridership, seasonality of ridership, passenger traits, and long distance from a central city. The study results are expected to provide policymakers with balanced insights on establishing a new station so that train stations can serve as a local amenity, not a harmful facility in the neighborhood.
Rights
Permission to publish the abstract has been given by Taylor&Francis, copyright remains with them.
Recommended Citation
Lee, C. (2024). Train stations and house prices: a local perspective. Transportation Planning and Technology, 47(1), 27-41.
