Journal
SUSTAINABILITY
Volume 14, Issue 15, Pages -Publisher
MDPI
DOI: 10.3390/su14159107
Keywords
COVID-19; intermediate effect; residential property value premium; light rail transit proximity
Funding
- National Institute for Transportation and Communities (NITC) [1433]
- U.S. DOT University Transportation Center
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This study explores the dynamics of residential property value and proximity to a light rail transit station in the two years since the pandemic. The results show that the pandemic has different effects on the prices of single-family and multi-family homes near the light rail stations.
This study explored the dynamics of a residential property value premium for proximity to a light rail transit (LRT) station in the intermediate term (roughly two years) since the pandemic. We applied a longitudinal quasi-experimental design using repeat sales data from the Portland Metropolitan Area, Oregon. Our results indicate that the effect of the pandemic on prices of housing near LRT stations differs between single-family and multi-family markets. Since the pandemic outbreak, there has been no statically significant difference in the price appreciation between single-family (SF) housing within an LRT service area and otherwise similar SF homes; however, for multi-family (MF) homes, those within an LRT service area have experienced a 3.0% lower price appreciation rate than MFs outside such areas with similar characteristics. Our findings help better highlight the impact of the pandemic on the real estate market and can inform discussions about longer-term changes in post-COVID cities and their planning.
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