Home » 2015 Fall » 2015 Fall term papers » Effect of the Bull City Connector on Land Value in Durham by Angela Chen

Effect of the Bull City Connector on Land Value in Durham by Angela Chen

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.

 

Chen Angela_econ345_f15_Bull City Connector paper_1


Leave a comment

Your email address will not be published. Required fields are marked *