The impact of mixes of transportation options on residential property values: Synergistic effects of walkability

Choi, Kwangyul; Park, Han John; Dewald, Jim

doi:10.1016/j.cities.2020.103080

Cited by 20 publications

(17 citation statements)

References 35 publications

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“…Moreover, for the concerns about the effects of park area percentage and distance to transportation on the housing prices, we specifically portrayed the relationship between house property prices and the GREEN and TRAFFIC features on data visualization presented in Fig 4 . These results obtained are in accordance with similar studies reported in the literatures [ 19 , 20 , 51 , 63 – 65 ].…”

Section: Resultssupporting

confidence: 93%

“…As similar to those which were previously reported in many other public amenities, we modified the objective measurable attributes affecting property price to account for park size and distance to transportation, as schematically illustrated in Fig 2 [ 19 , 40 , 49 – 51 ]. To analyze the percentage of green area, we placed the house of interest at the center of a square parcel with sides parallel to the North-South direction and East-West direction on the map, while the direct distance to transportation, was found by using USGS National Map.…”

Section: Methods and Datasetsmentioning

confidence: 99%

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Lie symmetry analysis of the effects of urban infrastructures on residential property values

et al. 2021

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Due to the complexity of socio-economic-related issues, people thought of housing market as a chaotic nucleus situated at the intersection of neighboring sciences. It has been known that the dependence of house features on the residential property value can be estimated employing the well-established hedonic regression analysis method in teams of location characteristic, neighborhood characteristic and structure characteristic. However, to further assess the roles of urban infrastructures in housing markets, we proposed a new kind of volatility measure for house prices utilizing the Lie symmetry analysis of quantum theory based on Schrödinger equation, mainly focusing on the effects of transportation systems and public parks on residential property values. Based on the municipal open government data regularly collected for four cities, including Boston, Milwaukee, Taipei and Tokyo, and all spatial sampling sites were featured by United States Geological Survey (USGS) National Map, transportation and park were modelled as perturbations to the quantum states generated by the feature space in response to the environmental amenities with different spatial extents. In an attempt to ascertain the intrinsic impact of the location-dependent price information obtained, the similarity functions associated with the Schrödinger equation were considered to facilitate revealing the city amenities capitalizing into house prices. By examining the spatial spillover phenomena of house prices in the four cities investigated, it was found that the mass transit systems and the public green lands possessed the infinitesimal generators of Lie point symmetries Y2 and Y5, respectively. Compared statistically with the common performance criteria, including mean absolute error (MAE), mean squared error (MSE) and, root mean squared error (RMSE) obtained by hedonic pricing model, the Lie symmetry analysis of the Schrödinger equation approach developed herein was successfully carried out. The invariant-theoretical characterizations of economics-related phenomena are consonant with the observed residential property values of the cities internationally, ultimately leading to develop a new perspective in the global financial architecture.

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Section: Resultssupporting

confidence: 93%

Section: Methods and Datasetsmentioning

confidence: 99%

Lie symmetry analysis of the effects of urban infrastructures on residential property values

et al. 2021

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“…The coefficient of d _ CBD is significantly negative, which indicates that every additional km away from the nearest city center is expected to cause a decrease in housing prices. Except for the floor area ratio, other control variables are significant at the 0.01 level, and their effects on housing prices are consistent with existing studies (Choi et al, 2021; Li et al, 2019). The coefficient of the fee is also significantly positive, indicating that the housing price rises by approximately 5.34% when the property service fee increases by 1 RMB per square meter per month.…”

Section: Resultssupporting

confidence: 87%

Tenure inequality, public facilities and housing prices: Evidence from Shenzhen, China

Tong,

Shen,

Tian

et al. 2024

Transactions in Planning and Urban Research

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Public facilities capitalization of formal housing has been widely discussed. However, how residents of informal housing value facilities and how they differ from formal housing remain unclear. We employ hedonic model and the gradient boosting decision trees approach to address the gap by identifying the differences between small property rights housing (SPRH) and commercial housing in Shenzhen, China. Empirical modeling results reveal that the capitalization effects of public facilities in SPRH are significantly lower than in commercial housing. SPRH buyers are significantly less willing than those commercial housing buyers to pay for public facilities, and the gap in willingness to pay between these two types of housing buyers is greater for public middle schools with access related to housing tenure than for metro stations and hospitals. After accounting for how the poor public facility provision of SPRH affects capitalization effects, we further find that informal tenure weakens SPRH capitalization effects. These findings help planners and policymakers better understand the housing market so they can take reasonable initiatives to make urban public facilities more accessible and urban housing systems more affordable, further improving the sustainability of urban areas.

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“…Finally, implementing the principles of walkable cities has been proven to have economical value reflected in increased property values (Choi et al, 2021). Considering the problem from a wider perspective of a country and region, Gösling et.al, revealed that the costs of building, maintaining, and using motorised transport infrastructure are largely underestimated (for the territory of the European Union); therefore the departure from this form of mobility toward walking can be also justified by economic reasons (Gössling et al, 2019).…”

Section: Urban Form and Walkingmentioning

confidence: 99%

Investigating urban form, and walkability measures in the new developments. The case study of Garnizon in Gdansk

2023

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The impact of mixes of transportation options on residential property values: Synergistic effects of walkability

Cited by 20 publications

References 35 publications

Lie symmetry analysis of the effects of urban infrastructures on residential property values

Lie symmetry analysis of the effects of urban infrastructures on residential property values

Tenure inequality, public facilities and housing prices: Evidence from Shenzhen, China

Investigating urban form, and walkability measures in the new developments. The case study of Garnizon in Gdansk

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