Green Line LRT and Housing Price
Jason Cao, Assistant Professor , Humphrey School of Public Affairs
Studies quantifying value added of transit often cannot differentiate whether the premiums are transit effects or location effects. Limited studies have examined the timing of value added. Using before and after data, this study explored the impact of the Green Line LRT on housing sales prices. Compared to the studied period before its funding announcement, its announcement increased housing values by $9.2/sq ft and its commencement increased sales prices by $13.7/sq ft. Further analyses showed that housing value appreciation actually occurred after the announcement but before the commencement. Thus, using the right timing of value added, is critical for value capture programs and benefit-cost analysis.
Journal article available at: http://dx.doi.org/10.1177/0739456X17707811. Subscription may be required.
- Start date: 10/2016
- Project Status: Completed
- Research Area: Planning and Economy
- Topics: Economics, Planning, Transit planning, Urban Transportation