Public Transit and Property Values: Did the Metro Blue Line Affect Home Prices in Minneapolis?

摘要

This study estimates the accessibility premium commanded by single family homes located near LRT stations using home sales data from Minneapolis covering 1990 to 2014. The region’ first LRT, the “Blue Line”, was announced in 1998 and opened in 2004. I find mixed evidence for an increase in home values following the introduction of LRT service to South Minneapolis using a repeat sales model. My central estimate suggests that no such premium exists when including all years of data. However, limiting my data to fewer years of operation, I am able to reproduce prior studies’ positive premiums.