Impact of a light rail extension on residential property values

Previous work has examined a new light-rail line or upgrades to existing rail infrastructure. However, the following is the first examination of the value of an extension of a light-rail line. The analysis relies on repeat sales of houses in Bayonne, New Jersey, where the first sale occurred before...

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Bibliographic Details
Published inResearch in transportation economics Vol. 67; pp. 11 - 18
Main Authors Camins-Esakov, Jacob, Vandegrift, Donald
Format Journal Article
LanguageEnglish
Published Elsevier Ltd 01.05.2018
Subjects
Hedonic pricing
Hudson-Bergen Light-Rail Line
L92
Light rail
Light rail extension
O18
R42
R53
Repeat-sales method
R42
R53
Hudson-Bergen Light-Rail Line
Hedonic pricing
L92
Light rail
O18
Repeat-sales method
Light rail extension
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Summary:Previous work has examined a new light-rail line or upgrades to existing rail infrastructure. However, the following is the first examination of the value of an extension of a light-rail line. The analysis relies on repeat sales of houses in Bayonne, New Jersey, where the first sale occurred before the 2008 announcement of a southern extension to the Hudson-Bergen Light Rail to 8th Street in Bayonne, and the second sale occurred after the opening of the station in 2011. Our results show that the 8th Street Station had no statistically significant impact on annual house price appreciation. That is, we find no evidence that properties closer to the station showed more price appreciation than properties further from the station.
ISSN:0739-8859
1875-7979
DOI:10.1016/j.retrec.2017.04.004