Intermediate Effect of the COVID-19 Pandemic on Prices of Housing near Light Rail Transit: A Case Study of the Portland Metropolitan Area

Sangwan Lee and Liming Wang
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Sangwan Lee: Department of Urban Planning and Engineering, Hanyang University, 206, Wangsimni-ro, Seongdong-gu, Seoul 04763, Korea
Liming Wang: Nohad A. Toulan School of Urban Studies and Planning, Portland State University, 506 SW Mill Street, Portland, OR 97201, USA

Sustainability, 2022, vol. 14, issue 15, 1-17

Abstract: This study explored the dynamics of a residential property value premium for proximity to a light rail transit (LRT) station in the intermediate term (roughly two years) since the pandemic. We applied a longitudinal quasi-experimental design using repeat sales data from the Portland Metropolitan Area, Oregon. Our results indicate that the effect of the pandemic on prices of housing near LRT stations differs between single-family and multi-family markets. Since the pandemic outbreak, there has been no statically significant difference in the price appreciation between single-family (SF) housing within an LRT service area and otherwise similar SF homes; however, for multi-family (MF) homes, those within an LRT service area have experienced a 3.0% lower price appreciation rate than MFs outside such areas with similar characteristics. Our findings help better highlight the impact of the pandemic on the real estate market and can inform discussions about longer-term changes in post-COVID cities and their planning.

Keywords: COVID-19; intermediate effect; residential property value premium; light rail transit proximity (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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