mpacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values

Abstract

Type of Report and Period Covered Sponsoring Agency Code Supplementary Notes AbstractAs bus rapid transit (BRT) grows in popularity in the United States, a better understanding of the mode's impacts on land uses and property values is needed. Economic theory suggests, and literature has shown, that people are willing to pay higher housing costs to lower their costs of transportation to areas of economic activity. Does high-quality BRT service reliably provide such access and, thereby, increase residential property values? The hypothesis is that property values are higher closer to BRT stations, reflecting a premium for the access provided by the BRT service to various goods, services, employment, education, and recreation. There has been some work on this topic outside of the U.S.; however, due to various cultural, social, and institutional differences, those experiences may not be applicable to U.S. property values. The literature includes, to date, very little work on U.S. BRT systems' impacts on property values using robust econometric techniques and/or spatial modeling. Further, because every BRT system is different, it is necessary to analyze additional case studies to provide a more robust understanding of how modern U.S. experiences with BRT services may affect surrounding property values. This research contributes to the relatively small body of literature on property value impacts of BRT in the U.S. by conducting a case study on Lane Transit District's EmX BRT service (Eugene, Oregon) using econometric modeling techniques to estimate changes in property values associated with the BRT. The analysis is based on hedonic price regression analysis, where sale prices are modeled using several property characteristics that contribute to the market or sale price. The findings of this research indicate that the EmX BRT system does positively impact surrounding single-family home sale prices. Results are statistically significant yet, as expected, relatively small in magnitude. An interesting finding is that the impact of the EmX stations on property values increased in each of the three periods examined in this study. For 2005 single-family home sales, the price increased $823 on average for every 100 meters closer to a station. In 2010, the marginal impact increased to an average of $1,056 for every 100 meters closer to a station. In 2016, every 100 meters closer to a station adds an average of $1,128 to a home's sale price. These results provide further insight into how BRT services can enhance the livability and economic development in a community, and provide policymakers and the transit industry throughout the U.S. with the best information possible to make informed transit investment decisions in their communities.

Tradeoffs in environmental and equity gains from job accessibility

“…Mobility-limiting strategies (e.g., tolls, gas taxes, and parking pricing) may reduce emissions at the urban scale, but may also be increasingly burdensome to low-income individuals in cities where walkable, mixed-use, highly accessible neighborhoods are not affordable. Urban areas that propose mobility-enhancing strategies (e.g., certain types of fixed guideway transit expansion) to connect workers to the labor market may risk increasing residential land values along transit lines ( 43 – 47 ) and unintentionally evict low-income residents. More research is needed on how publicly and privately funded climate mitigation efforts that increase accessibility affect housing markets and municipal goals for social equity.…”

If you build it, who will come? Exploring the effects of rapid transit on residential movements in Metro Vancouver

“…We have also found that local contexts, such as social factors (habits) and planning policy play an important role in the impact of new transit projects. It should also be noted, that although there is evidence of uniform impacts that rapid transit has on housing prices across the globe (Perk et al, 2017), for this review the authors intentionally focused on the US, Canada, and other countries with a comparable institutional and economic setting (i.e., democratic countries with a high level of economic development, where the planning and delivery of transit services follow a similar institutional framework), to understand where the study fits among research efforts with a similar context.…”

Avaliação Do Projeto De Infraestrutura Do BRT No Estado Do Rio De Janeiro

“…De acordo com a Administração Federal de Trânsito (AFT), é um sistema de trânsito que pode incluir prioridade de semáforos, plataformas elevadas e estações melhoradas (V. Perk, Catalá, Mantius, & Corcoran, 2017). O consideram um sistema de tráfego de ônibus bastante complexo, porque envolve a circulação de ônibus em ônibus especialmente designados e, muitas vezes, em faixas de tráfego cercadas (Sakhno et al, 2019).…”

“…Importante observar que, para ser considerado BRT, o serviço deve incorporar alguma forma de cada um desses sete elementos. Serviços típicos de paradas limitadas ou serviços de ônibus expresso não são considerados BRT (V. Perk et al, 2017).…”

“…Compartilham a infraestrutura operacional com os sistemas de Light Rail Transit (LRT) sem perda de desempenho para nenhum dos dois, enquanto outros permitem o acesso de serviços de ônibus convencionais a certas seções principais da infraestrutura de BRT para facilitar a interconexão e melhorar o desempenho (Deng & Nelson, 2011). São geralmente mais baratos de construir e operar do que os sistemas de transporte ferroviário leve, embora quanto mais se assemelhe a um sistema ferroviário, maiores serão os custos (V. Perk et al, 2017).…”