Reaction of House Prices to a New Rapid Transit Line: Chicago's Midway Line, 1983–1999
Реакция цен на жилье на новую линию скоростного транспорта: линия Midway в Чикаго, 1983–1999 гг.
2004-08-13
SCID: 54.1/fecngvzj
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Abstract (AI)
This study examines the effect of the new rapid transit line from downtown Chicago to Midway Airport on single‐family house prices before and after the opening of the line. The results show that the housing market anticipated the opening of the line. House prices were being affected by proximity to the stations in the late 1980s and early 1990s—after the plans for the line were well known. The difference between the increase in the value of homes within the sample area as compared with properties farther away from the new transit stations was approximately $216 million between 1986 and 1999.
Key Findings
1
Homes within the study area gained approximately $216 million more in value than properties farther from the new stations between 1986 and 1999.
2
Single-family house prices near planned stations were affected during the late 1980s and early 1990s, before service began.
3
The housing market anticipated Chicago’s Midway rapid transit line before its opening, responding once construction plans became well known.
4
The study finds that proximity to planned rapid transit stations influenced house-price appreciation even before the transit line opened.
Research Object
single-family houses in the area around Chicago's Midway rapid transit line and stations
Research Subject
the effect of the new rapid transit line and proximity to its stations on single-family house prices before and after the line's opening
Publication Details
Publication Date
2004-08-13
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