Estimating the Effects of Light Rail Transit (LRT) System on Residential Property Values Using Geographically Weighted Regression (GWR) PDF Download
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Author: Mohd Faris Dziauddin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Abstract: This study assesses the effect of light rail transit system (LRT) on residential property values in Greater Kuala Lumpur, Malaysia, where traffic congestion has been a major issue since the mid 1990s. A relatively new technique namely Geographically Weighted Regression (GWR) is employed to estimate the increased value of land in the form of residential property values as a result of improved accessibility owing to the construction of the LRT systems. Using the Kelana Jaya LRT Line, located in Greater Kuala Lumpur, Malaysia as a case study, this paper reveals that the improvement of accessibility to employment and other amenities provided by the LRT system added premiums on residential property values but with spatial variation over geographical area indicates that the existence of the LRT systems may have a positive effect on residential property values in some areas but negative in others. The use of the GWR in this study is identified as a better approach to investigate the effec
Author: Mohd Faris Dziauddin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Abstract: This study assesses the effect of light rail transit system (LRT) on residential property values in Greater Kuala Lumpur, Malaysia, where traffic congestion has been a major issue since the mid 1990s. A relatively new technique namely Geographically Weighted Regression (GWR) is employed to estimate the increased value of land in the form of residential property values as a result of improved accessibility owing to the construction of the LRT systems. Using the Kelana Jaya LRT Line, located in Greater Kuala Lumpur, Malaysia as a case study, this paper reveals that the improvement of accessibility to employment and other amenities provided by the LRT system added premiums on residential property values but with spatial variation over geographical area indicates that the existence of the LRT systems may have a positive effect on residential property values in some areas but negative in others. The use of the GWR in this study is identified as a better approach to investigate the effec
Author: Elizabeth Cochrane Campbell
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Book Description
Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line's rail stations.
Author: Yumi Chae
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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Book Description
Light Rail Transit (LRT) has been getting more attention in U.S. cities due to its socio-economic benefits, such as reducing pollution and congestion, as well as promoting regional economic development. However, huge capital costs remain an obstacle to the construction of a new light rail system. For this reason, cities in the planning phases of LRT want to use value capture tools to finance transit construction and operation. In theory, any improvement in a transportation structure that increases accessibility and reduces transportation cost can be capitalized into property values in an area. In turn, governments levy taxes on a portion of the additional value of adjacent properties. This study, however, aims to empirically examine whether value capture is possible in the recession when property and land values continue to decrease. The study uses the case of the DART Green Line, which started to run in 2009 just after a financial crisis in the U.S. The 5745 residential parcels are analyzed with using a hedonic price model in order to detect the Green Line's influence on residential values before and after the recession. To enhance the proficiency of the regression, this study includes several structure and neighborhood characteristics. The statistical results found the Green Line's benefits on residential values both in the pre-Green Line period (before the recession) and the post-Green Line period (during the recession). It is noteworthy there are still positive influences of transit accessibility on residential values even in the unstable housing market, although the magnitude of the variable has diminished compared to the pre-Green Line period.
Author: Keith Klovers
Publisher:
ISBN:
Category : Local transit
Languages : en
Pages : 100
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Author: Gary A. Wagner
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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In this paper we examine the effect of light rail transit on the residential real estate market in Hampton Roads, Virginia. The Norfolk Tide light rail began operations in August 2011 and has experienced disappointing levels of ridership over its first four years of operations. We estimate the effect of the Tide using a difference-in-differences model and consider several outcome variables for the residential housing market, including sales price, sales-list price spread and the time-on-market. Our identification strategy exploits a proposed rail line in neighboring Virginia Beach, Virginia, that was rejected by a referendum in 1999. Overall, the results show negative consequences from the constructed light rail line. Properties within 1,500 meters experienced a decline in sales price of nearly 8 percent, while the sale-list price spread declined by approximately 2 percent. Our results highlight the potential negative effects of light rail, when potential accessibility benefits do not outweigh apparent local costs.
Author: Abbe B. Vernick
Publisher:
ISBN:
Category :
Languages : en
Pages : 96
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Author: A. Stewart Fotheringham
Publisher: John Wiley & Sons
ISBN: 0470855258
Category : Science
Languages : en
Pages : 282
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Book Description
Geographical Weighted Regression (GWR) is a new local modelling technique for analysing spatial analysis. This technique allows local as opposed to global models of relationships to be measured and mapped. This is the first and only book on this technique, offering comprehensive coverage on this new 'hot' topic in spatial analysis. * Provides step-by-step examples of how to use the GWR model using data sets and examples on issues such as house price determinants, educational attainment levels and school performance statistics * Contains a broad discussion of and basic concepts on GWR through to ideas on statistical inference for GWR models * uniquely features accompanying author-written software that allows users to undertake sophisticated and complex forms of GWR within a user-friendly, Windows-based, front-end (see book for details).
Author: Fucang Tang
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 304
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Author: Kihwan Seo
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 134
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Transportation infrastructure in urban areas has significant impacts on socio-economic activities, land use, and real property values. This dissertation proposes a more comprehensive theory of the positive and negative relationships between property values and transportation investments that distinguishes different effects by mode (rail vs. road), by network component (nodes vs. links), and by distance from them. It hypothesizes that transportation investment generates improvement in accessibility that accrue only to the nodes such as highway exits and light rail stations. Simultaneously, it tests the hypothesis that both transport nodes and links emanate short-distance negative nuisance effects due to disamenities such as traffic and noise. It also tests the hypothesis that nodes of both modes generate a net effect combining accessibility and disamenities. For highways, the configuration at grade or above/below ground is also tested. In addition, this dissertation hypothesizes that the condition of road pavement may have an impact on residential property values adjacent to the road segments. As pavement condition improves, value of properties adjacent to a road are hypothesized to increase as well. A multiple-distance-bands approach is used to capture distance decay of amenities and disamenities from nodes and links; and pavement condition index (PCI) is used to test the relationship between road condition and residential property values. The hypotheses are tested using spatial hedonic models that are specific to each of residential and commercial property market. Results confirm that proximity to transport nodes are associated positively with both residential and commercial property values. As a function of distance from highway exits and light rail transit (LRT) stations, the distance-band coefficients form a conventional distance decay curve. However, contrary to our hypotheses, no net effect is evident. The accessibility effect for highway exits extends farther than for LRT stations in residential model as expected. The highway configuration effect on residential home values confirms that below-grade highways have relatively positive impacts on nearby houses compared to those at ground level or above. Lastly, results for the relationship between pavement condition and residential home values show that there is no significant effect between them.Some differences in the effect of infrastructure on property values emerge between residential and commercial markets. In the commercial models, the accessibility effect for highway exits extends less than for LRT stations. Though coefficients for short distances (within 300m) from highways and LRT links were expected to be negative in both residential and commercial models, only commercial models show a significant negative relationship. Different effects by mode, network component, and distance on commercial submarkets (i.e., industrial, office, retail and service properties) are tested as well and the results vary based on types of submarket.Consequently, findings of three individual paper confirm that transportation investments mostly have significant impacts on real-estate properties either in a positive or negative direction in accordance with the transport mode, network component, and distance, though effects for some conditions (e.g., proximity to links of highway and light rail, and pavement quality) do not significantly change home values. Results can be used for city authorities and planners for funding mechanisms of transport infrastructure or validity of investments as well as private developers for maximizing development profits or for locating developments.
Author: Needham B. Hurst
Publisher:
ISBN:
Category : Land use, Urban
Languages : en
Pages : 86
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This paper estimates the effect of the Hiawatha Light Rail Transit (LRT) line on land use change in Minneapolis, MN, between 2000 and 2010. I use a binomial logit model and find that within the 1-mile submarket near LRT, the effect of distance to LRT stations on land use change had a different radius and magnitude depending on existing land use. The effect of LRT on conversions of low-density housing to denser uses only extended out to 90 feet from stations after LRT went into operation. Vacant and industrial land were the most likely to experience land use change, especially in working class, mixed land use neighborhoods with higher population densities. In general, the effect of LRT on land use change was limited in high income neighborhoods. Zoning policy changes around stations had a small but significant positive effect on land use change.
