This paper seeks to determine whether the presence of a neighborhood association affects
home prices. Ordinary Least Squares (OLS) regression on a sample of over 400 addresses in regions
throughout Durham indicates that neighborhood associations have a positive and statistically
significant impact on the value of a home. Further analysis through a drill down by region shows
that the significant variables for the price of a home vary throughout different parts of the city.
These results are unique for each section of Durham, but the total impact shows that there is not
only a social benefit for the existence of neighborhood associations but also a fiscal benefit for many
Using a hedonic price model, this paper assesses the impact of the Bull City Connector on single family housing property values in Durham, North Carolina. Residential parcels within 1 km of the 18 bus stations are included in the model as well as independent variables that describe walking distances, property characteristics, neighborhood characteristics and neighborhood amenities. The results suggest that there exists a positive association between proximity to bus stops and property values, though this benefit is not felt evenly throughout all neighborhoods. Bus station areas with low-income families experience the highest proximity effect while some of the high-income neighborhoods experience negative effects. This result might contain upward bias because the accessibility brought by bus stations is strongly correlated with the Main Street amenities effect. Therefore, both pro-downtown development in Durham and investments in transit are likely to have accrued price premiums on housings close to Main Street and the bus stops.