Train stations and house prices: a local perspective

Changro Lee

Transportation Planning and Technology, 2024, vol. 47, issue 1, 27-41

Abstract: Opening a new train station is considered a way to generate amenity in a neighborhood. However, as train lines extend from a central city to suburbs and remote places, train stations may generate disamenity depending on the local context. This study examines the externality of stations from a house valuation perspective. A mixed-effects model is employed to capture the varying relationship between house prices and distance to a nearby station. The results show that this relationship significantly varies by county, which leads to a house price premium in some counties and price discount in others. This study attributes the price discount (disamenity) to low ridership, seasonality of ridership, passenger traits, and long distance from a central city. The study results are expected to provide policymakers with balanced insights on establishing a new station so that train stations can serve as a local amenity, not a harmful facility in the neighborhood.

Date: 2024
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DOI: 10.1080/03081060.2023.2252397

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