Green Line LRT and Housing Price

Summary

Studies quantifying value added of transit often cannot differentiate whether the premiums are transit effects or location effects. Limited studies have examined the timing of value added. Using before and after data, this study explored the impact of the Green Line LRT on housing sales prices. Compared to the studied period before its funding announcement, its announcement increased housing values by $9.2/sq ft and its commencement increased sales prices by $13.7/sq ft. Further analyses showed that housing value appreciation actually occurred after the announcement but before the commencement. Thus, using the right timing of value added is critical for value capture programs and benefit-cost analysis.