What factors can increase the property value of sites near transit-oriented developments?
A University of Texas at Arlington study identifies the most important factors that can increase housing values near those locations.
Ard Anjomani, a UTA professor in the College of Architecture, Planning and Public Affairs, and Saad AlQuhtani, a recent alumnus, are the authors of the study called, “Do rail transit stations affect housing value changes?” It looks at the effects of DFW-area rail transit stations on the housing values in nearby neighborhoods. UTA noted that although DFW is an automobile-oriented region, it has the longest rail system in the nation.
The study’s findings concluded:
The most important variable in increasing housing values near transit-oriented developments is the number of college-educated residents An increase in housing values happens when the number of jobs increases around transit-oriented developments (TODs) There’s a positive correlation between housing values and the close location of a nearby entrance ramp to a highway An increase in property values surrounding TODs in proximity to shopping malls A decrease in housing values near TODs decreased when located near schools No significant impact on housing values when a park was nearby
According to the study, compact, mixed-use, high-density, walkable urban projects also improve the affordability of housing in neighborhoods adjacent to rail stations, which also helps increase transit ridership.