Journal of Economics and Finance

, Volume 16, Issue 2, pp 139–146 | Cite as

The estimation of residential property values around transit station sites in Washington, D.C.

  • R. Gail Grass
Article

Abstract

The author examines in this study the relationship between public investment in METRO and property values in several neighborhoods in Washington, D.C., in order to determine if public investment in heavy rail transit systems increases residential property values. In order to examine this relationship, a hedonic price equation which included a dummy independent variable was estimated. Analysis of the data revealed a significant direct relationship between the opening of METRO and residential property values. Therefore, it can be concluded that public investment in METRO caused property values to increase around station site areas.

Keywords

Control Area Public Investment Central Business District Impact Area Residential Property 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Alonso, William.Location and Land Use: Toward a General Theory of Land Rent. Cambridge, MA: Harvard University Press, 1964.Google Scholar
  2. Arlington County Planning Division. “Development of the Metro Corridors: Existing Zoning, Approved Development for the Years 1960 to Present,” prepared for the Department of Community Affairs, Planning, Housing, and Community Development Division, Arlington, VA, 1983.Google Scholar
  3. Boyce, David, et al. Impact of Rapid Transit on Urban Residential Property Values and Land Development. Philadelphia: University of Pennsylvania, 1972.Google Scholar
  4. Brigham, E. “The Determinants of Residential Land Values.”Land Economics 41 (1965): 325–334.CrossRefGoogle Scholar
  5. Cox, D.R., and G.E. Box. “An Analysis of Transformation.”Journal of The Royal Statistical Society Series B (1964): 211–284.Google Scholar
  6. Damm, David, Steven R. Lerman, Eva Lerner-Lam, andJeffrey Young. “Response of Urban Real Estate Values in the Anticipation of the Washington, Metro.”Journal of Transport Economics and Policy 14 (1980): 315–334.Google Scholar
  7. Dewees, Donald. “The Impact of Urban Transportation Investment and Land Values.” University of Toronto-York University Joint Program in Transportation Research, Report Number 11, 1976.Google Scholar
  8. Grass, Gail. “A Study to Determine if Public Investment in Rapid Transit Station Sites in Washington, D.C., Displaces Minorities,” Ph.D. diss., Howard University, 1989.Google Scholar
  9. Green, Rodney D. “Joint Development Around Rapid Transit Station Sites,” prepared for the U.S. Department of Transportation, Washington, D.C., August 1986.Google Scholar
  10. Grether, D.M., andPeter Miezkowski. “Determinants of Real Estate Values.”Journal of Urban Economics 1 (1974): 127–46.CrossRefGoogle Scholar
  11. Haig, R.M. “Towards an Understanding of the Metropolis.”Quarterly Journal of Economics 2 (1926): 179–208.CrossRefGoogle Scholar
  12. Hurd, R.M. Principles of City Land Values. New York: The Record and Guide, 1903.Google Scholar
  13. Muth, R.F. Cities and Housing. Chicago, Illinois: Chicago University Press, 1969.Google Scholar
  14. Polinsky, A.M. “Amenities and Property values in a Model of Urban Areas.”Review of Economics and Statistics (February 1976): 119–130.Google Scholar
  15. Von Thunen, Johan.Der Isolierte staat in Beziehung auf Landwirschaft and nationale Konomie. Munich: Pflaum, 1863.Google Scholar
  16. Wolf, Marianne McGary. “Public Investment in Transportation, Expected Transportation Costs, and The Urban Housing Market.” Ph.D. diss., John Hopkins University, 1979.Google Scholar

Copyright information

© Springer 1992

Authors and Affiliations

  • R. Gail Grass
    • 1
  1. 1.Jackson State UniversityJackson

Personalised recommendations