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The Impact of Access to Public Transportation on Residential Property Value: A Comparative Analysis of American Cities

By Moses Snow Wayne

This paper develops a consistent model for analyzing the impact of access to public transportation on property value applied to the four cities of Atlanta, Boston, New York, and San Francisco. This study finds a negative relationship between increasing distance to public transit and property value. Additionally, the elicited effects in each city generally align with geographic features and the degree to which a city is monocentric. This study also demonstrates the salience of using actual map-generated distances as proximity measures and characteristics of public
transit systems in modeling the relationship between public transportation and residential property value.

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Advisors: Dr. Patrick Bayer and Kent Kimbrough | JEL Codes: C12, R14, R30, R41

Hedonic Modeling of Singapore’s Resale Public Housing Market

By Jiakun Xu

The large-scale, high-density public housing market in Singapore invites hedonic analysis, due to its homogeneity in structure quality across all neighborhoods. This paper builds a time-dummy hedonic regression model incorporating geospatial features for a large dataset of resale transactions from 2000 to 2016. Significant anticipatory price effects are found for new subway stations, which peak at two years before station opening. A hedonic price index suggests that affordability was a problem during the sustained period of property price inflation from 2011 to 2013. District-level analysis shows evidence of increasing rent gradients, wealth disparities, and “lottery” effects in asset growth. I discuss the potential contributions of these insights to wealth and equity considerations in public policy

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Data available upon request. Email dus_asst@econ.duke.edu

Advisor: Charles Becker | JEL Codes: C21, R3, R31, R38, R41


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