Accessibility and Residential Land Values: Some Tests with New Measures

Abstract

Accessibility is a fundamental concept in theories of metropolitan spatial structure. Urban economic models explain urban structure as a function of access to jobs; accessibility is capitalised into land values, which in turn explain the population distribution. Studies of residential land values show that many factors contribute to the value of a given location: the characteristics of the housing unit, its location with respect to social and environmental amenities, as well as access to jobs, services and other economic opportunities. Empirical studies typically use job access as a proxy for more generalised access to economic activities. However, jobs represent many different activities, from retail shopping to heavy manufacturing, and the value of access to these activities may be positive or negative. In this paper, accessibility measures based on industry sectors have been developed, allowing the separating out of possible different effects. Their impacts are tested on residential land values using data from the Los Angeles region. A multilevel modelling approach is used in order to control for neighbourhood-level attributes common to multiple properties. It is found that the various access measures have different and significant effects on land values, but attributes of the dwelling unit, together with access to the coast, explain most of the variation. The multilevel model is confirmed; there is significant correlation among properties within the same neighbourhood.

Park Accessibility Impacts Housing Prices in Seoul

“…The results show that walkable neighborhoods have greater property values than car-dependent neighborhoods. Giuliano et al [45] mention that accessibility is capitalized into the property. The results of this study show that housing prices change by 0.01%-0.51% depending on accessibility.…”

Mass Appraisal of Residential Real Estate Using Multilevel Modelling

“…Lee (2009) explored the influence of satisfaction with public facilities on housing prices; Giuliano et al (2010) analyzed the relationship between accessibility and residential land value. In a pioneer study by Brown et al (2004) a HLM approach was introduced to assess the effects of house and neighbourhood characteristics on housing prices, but only the area was used to describe the dwellings.…”

“…This is the base model and will be used to calculate the pseudo-R 2 (Snijders and Bosker 1999;Giuliano et al 2010). Model 2 includes the apartment characteristics as explanatory variables and Model 3 incorporates block characteristics.…”

“…This does not mean that the OLS model is as good as the HLM model. As Giuliano et al (2010) pointed out, traditional OLS assumes that all observations are independent. In a real estate appraisal context OLS will yield biased and inefficient results, as it cannot take into account within-group correlations or interactions between residence and neighbourhood attributes and cannot distinguish between group effects and individual effects.…”

Conciliar os transportes e o ordenamento urbano: avanços recentes e aplicabilidade em áreas metropolitanas portuguesas

“…Em contextos de fraca oferta de habitação social ou de ausência de regulação pública, se um dos efeitos da articulação transporte/ planeamento urbano consiste na subida da renda fundiária e dos preços imobiliários, anunciada pela teoria e confirmada pelos trabalhos empíricos, uma consequência lógica será uma maior selectividade social dos respectivos bairros e, possivelmente, uma evolução do conteúdo social dos residentes (Padeiro, 2012;Duranton e Turner, 2008;Butler, 2005;Kahn, 2007;Kaufmann et al, 2005). A hipótese, contudo, não tem sido ainda suficientemente validada (Giuliano et al, 2010;Bowes e Ihlanfeldt, 2001), e é até contestada por autores que defendem que as políticas favoráveis aos transportes públicos nos centros urbanos tendem a contribuir para a manutenção das classes baixas nessas áreas (Glaeser, Kahn e Rappaport, 2008).…”