Rail station access and housing market resilience: Case studies of Atlanta, Baltimore and Portland

摘要

The recent United States housing market crisis resulted in a significant decline in housing market values. Yet, the extent to which urban amenities such as rail stations moderated the market impacts has not been entirely recognised. This study undertakes a repeat sales analysis to understand the impact of station proximity on housing values before, during and after the market crisis. Specifically, a housing price resilience index assesses market changes from 2002 to 2013 for single-family and multifamily homes within a quarter of a mile, half a mile, one mile and greater distances from the nearest rail station. The analysis is replicated in three cities: Atlanta, Georgia; Baltimore, Maryland; and Portland, Oregon. Although the recession had significant negative impacts on properties in each city, our study finds that access played a critical role in helping transit-orientated submarkets retain their value throughout the recession and recover value at a faster rate than homes without convenient fixed transit access.