NDLI: An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions

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An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions

Content Provider	Springer Nature Link
Author	Armstrong, Robert J. Rodríguez, Daniel A.
Copyright Year	2006
Abstract	We estimate spatial hedonic price functions to examine local and regional accessibility benefits of commuter rail service in Eastern Massachusetts, while controlling for proximity-related negative externalities and other confounding influences. The data include 1,860 single-family residential properties from four municipalities with commuter rail service, and three municipalities without commuter rail service. We find some evidence of the capitalization of accessibility to commuter rail stations. Two model specifications suggest that properties located in municipalities with commuter rail stations exhibit values that are between 9.6% and 10.1% higher than properties in municipalities without a commuter rail station. With a third model we detect weak evidence of the capitalization of auto access time or walking time to the stations, suggesting that properties located within a one-half mile buffer of a station have values that are 10.1% higher than properties located outside of this buffer area and that an additional minute of drive time from the station is related to a decrease of 1.6% in property values. Our results also indicate that proximity to commuter rail right-of-way has a significant negative effect on property values, which suggests that for every 1,000 ft. in distance from the commuter rail right-of-way, property values are between $732 and $2,897 higher, all else held equal. At the mean sample values, this result translates into an elasticity of between 0.03 and 0.13, depending on the functional form of the hedonic price equation.
Starting Page	21
Ending Page	43
Page Count	23
File Format	PDF
ISSN	00494488
Journal	Transportation
Volume Number	33
Issue Number	1
e-ISSN	15729435
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2006-01-01
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	accessibility commuter rail externalities hedonic model spatial econometrics Regional Science Technology Management Engineering Economics, Organization, Logistics, Marketing Economic Geography
Content Type	Text
Resource Type	Article
Subject	Development Transportation Civil and Structural Engineering

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