The Impact of Light Rail Transit-Oriented Development on Residential Property Value in Seattle, WA

Abstract

University of Washington Abstract The Impact of Light Rail Transit-Oriented Development on Residential Property Value in Seattle, WA Ze Wang Chair of the Supervisory Committee: Professor Qing Shen Department of Urban Design and Planning The study seeks to investigate the impact of transit-oriented development (TOD) on residential property values using the case of Link light rail TOD in Seattle. While many previous studies decompose TOD impact into constituent parts, the study captures the integrated influence of TOD. Hedonic pricing method is employed and time-series analysis is conducted for three selected light rail station areas. Dummy variables are designed to reflect TOD proximity and relevant structural characteristics, locational conditions, as well as social-economic attributes are identified and controlled in regression models. Results demonstrate that TOD impact is different across time periods. In pre and during construction periods, TOD does not have statistical significant influence on the prices of residential properties; in after-construction period, TOD has significant positive impact on values of residential properties that are located within 0.25-0.50 mile from the light rail station.