The Impact of Transportation Savings on Suburban Residential Property Values.
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A simple theoretical model of the spatial impact of transportation savings on property values is developed and then tested empirically by analyzing the new Philadelphia-Lindenwold rapid transit line. An extensive database, consisting of all residential property transactions in the impact corridor and an adjacent control corridor over a seven-year period, is used in several multiple regression models as well as some simpler analyses. Results indicate that (1) the Lindenwold Line did have a significant impact on residential property values, as indicated by the travel-savings model, (2) there was very little anticipation by the real estate market of the start of the Line, (3) the impact is more apparent in lower-income neighborhoods, and (4) the increase in property values in the impact corridor appears to be compensated by a relative decrease in values in an adjacent control corridor. 58 pp. Bibliog.
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