The Impact of Transit Corridors on Residential Property Values

Abstract

Most of the literature on transit corridors, such as superhighways and tunnels, focuses on the positive externality of transit access (e.g., interstate access, transit station) and fails to isolate the negative externality of the corridor itself. This empirical study examines two situations: one with both access benefits and negatives, and another without the access benefit. The findings reveal that proximity to the transit corridor alone without direct access conveys a negative impact on nearby housing values.

Keywords: residential, property value, transit corridors, transit access

JEL Classification: R11, R14, R41, R52, R58