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• 21. [Article] Impact of Bike Facilities on Residential Property Prices

  As many cities are investing in street improvement or transportation infrastructure upgrade projects to provide better bike access or more complete bike networks, the economic value of bike infrastructure ...

  Citation × Citation Citation Abstract Copy Title: Impact of Bike Facilities on Residential Property Prices Author: Shi, Wei Year: 2017 As many cities are investing in street improvement or transportation infrastructure upgrade projects to provide better bike access or more complete bike networks, the economic value of bike infrastructure and bike facilities remains an area where many practitioners, planners and policy makers are seeking more conclusive evidence. Using residential property values as indicators of consumer preferences for bicycle infrastructure, this study focuses on advanced bike facilities which represent higher levels of bike priority or bike infrastructure investments that have been shown to be more desirable to a larger portion of the population. Estimating ordinary least squares hedonic pricing models and spatial autoregressive hedonic models separately for single and multi-family properties, we find that proximity to advanced bike facilities (measured by distance) has significant and positive effects on all residential property values, highlighting household preferences for high quality bike infrastructure. Furthermore, we also show that the extensiveness of the bike network (measured by density) is a positive and statistically significant contributor to the property prices for all residential property types, even after controlling for proximity to bike facilities and other property, neighborhood and transaction characteristics. Finally, estimated coefficients are applied to assess property value impacts of a proposed Portland “Green Loop” signature bike infrastructure concept, illustrating the importance of considering both accessibility and extensiveness of bike facility networks. Title: Impact of Bike Facilities on Residential Property Prices Author: Shi, Wei Year: 2017 As many cities are investing in street improvement or transportation infrastructure upgrade projects to provide better bike access or more complete bike networks, the economic value of bike infrastructure and bike facilities remains an area where many practitioners, planners and policy makers are seeking more conclusive evidence. Using residential property values as indicators of consumer preferences for bicycle infrastructure, this study focuses on advanced bike facilities which represent higher levels of bike priority or bike infrastructure investments that have been shown to be more desirable to a larger portion of the population. Estimating ordinary least squares hedonic pricing models and spatial autoregressive hedonic models separately for single and multi-family properties, we find that proximity to advanced bike facilities (measured by distance) has significant and positive effects on all residential property values, highlighting household preferences for high quality bike infrastructure. Furthermore, we also show that the extensiveness of the bike network (measured by density) is a positive and statistically significant contributor to the property prices for all residential property types, even after controlling for proximity to bike facilities and other property, neighborhood and transaction characteristics. Finally, estimated coefficients are applied to assess property value impacts of a proposed Portland “Green Loop” signature bike infrastructure concept, illustrating the importance of considering both accessibility and extensiveness of bike facility networks. Close

• 22. [Article] Do TODs Make a Difference?

  In this report, we present research that measures the outcomes of TOD areas in relation to their metropolitan area controls with respect to (1) jobs by sector; (2) housing choice for household types based ...

  Citation × Citation Citation Abstract Copy Title: Do TODs Make a Difference? Author: Nelson, Arthur C., Miller, Matt, Eskic, Dejan, Kim, Keuntae, Ewing, Reid, Liu, Jenny H., Berggren, Matt, Mumuni, Zakari Year: 2015 In this report, we present research that measures the outcomes of TOD areas in relation to their metropolitan area controls with respect to (1) jobs by sector; (2) housing choice for household types based on key demographic characteristics; (3) housing affordability based on transportation costs; and (4) job-worker balance as a measure of accessibility. Prior literature has not systematically evaluated TOD outcomes in these respects with respect to light rail transit (LRT), commuter rail transit (CRT), bus rapid transit (BRT), and streetcar transit (SCT) systems. Our analysis helps close some of these gaps. We apply our analysis to 23 fixed-guideway transit systems operating in 17 metropolitan areas in the South and West that have one or more of those systems. We find: (1) Most TOD areas gained jobs in the office, knowledge, education, health care and entertainment sectors, adding more than $100 billion in wages capitalized over time; (2) In assessing economic resilience associated with LRT systems, jobs continued to shift away from TOD areas before the Great Recession, the pace slowed during the recession but reversed during recovery, leading us to speculate that LRT TOD areas may have transformed metropolitan economies served by LRT systems; (3) Rents for offices, retail stores and apartments were higher when closer to SCT systems, had mixed results with respect LRT systems, but were mostly lower with respect to CRT systems (our BRT sample was too small to evaluate); (4) SCT systems performed best in terms of increasing their TOD-area shares of metropolitan population, households and householders by age, housing units, and renters with BRT systems performing less well while LRT and CRT systems experienced a much smaller shift in the share of growth; (5) Household transportation costs as a share of budgets increase with respect to distance from LRT transit stations to seven miles, suggesting the proximity to LRT stations reduces total household transportation costs; (6) Emerging trends that may favor higher-wage jobs locating in TOD areas over time than lower- or middle-wage jobs, perhaps because TOD areas attract more investment which requires more productive, higher-paid labor to justify the investment; and (7) The share of workers who commute 10 minutes or less to work increases nearly one-half of 1 percent for each half-mile their resident block group is to an LRT transit station, capping at a gain of 1.3 percent, which is not a trivial gain. Our report summarizes case studies of 23 transit systems and three journal articles based on our research. Title: Do TODs Make a Difference? Author: Nelson, Arthur C., Miller, Matt, Eskic, Dejan, Kim, Keuntae, Ewing, Reid, Liu, Jenny H., Berggren, Matt, Mumuni, Zakari Year: 2015 In this report, we present research that measures the outcomes of TOD areas in relation to their metropolitan area controls with respect to (1) jobs by sector; (2) housing choice for household types based on key demographic characteristics; (3) housing affordability based on transportation costs; and (4) job-worker balance as a measure of accessibility. Prior literature has not systematically evaluated TOD outcomes in these respects with respect to light rail transit (LRT), commuter rail transit (CRT), bus rapid transit (BRT), and streetcar transit (SCT) systems. Our analysis helps close some of these gaps. We apply our analysis to 23 fixed-guideway transit systems operating in 17 metropolitan areas in the South and West that have one or more of those systems. We find: (1) Most TOD areas gained jobs in the office, knowledge, education, health care and entertainment sectors, adding more than $100 billion in wages capitalized over time; (2) In assessing economic resilience associated with LRT systems, jobs continued to shift away from TOD areas before the Great Recession, the pace slowed during the recession but reversed during recovery, leading us to speculate that LRT TOD areas may have transformed metropolitan economies served by LRT systems; (3) Rents for offices, retail stores and apartments were higher when closer to SCT systems, had mixed results with respect LRT systems, but were mostly lower with respect to CRT systems (our BRT sample was too small to evaluate); (4) SCT systems performed best in terms of increasing their TOD-area shares of metropolitan population, households and householders by age, housing units, and renters with BRT systems performing less well while LRT and CRT systems experienced a much smaller shift in the share of growth; (5) Household transportation costs as a share of budgets increase with respect to distance from LRT transit stations to seven miles, suggesting the proximity to LRT stations reduces total household transportation costs; (6) Emerging trends that may favor higher-wage jobs locating in TOD areas over time than lower- or middle-wage jobs, perhaps because TOD areas attract more investment which requires more productive, higher-paid labor to justify the investment; and (7) The share of workers who commute 10 minutes or less to work increases nearly one-half of 1 percent for each half-mile their resident block group is to an LRT transit station, capping at a gain of 1.3 percent, which is not a trivial gain. Our report summarizes case studies of 23 transit systems and three journal articles based on our research. Close