Published In

Sustainability

Document Type

Article

Publication Date

7-25-2022

Subjects

COVID-19, Intermediate effect, Light rail transit proximity, Residential property value premium

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 singlefamily (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.

Rights

Copyright (c) 2022 The Authors

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

DOI

10.3390/su14159107

Persistent Identifier

https://archives.pdx.edu/ds/psu/38417

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