Estimating the Impacts of Proximity to Public Transportation on Residential Property Values: An Empirical Analysis for Hartford and Stamford Areas, Connecticut

Public transit infrastructure may increase residential property values by improving accessibility and reducing commute expenses in urban areas. Prior studies have investigated the impacts of proximity to public transportation on obtained mixed conclusions. Many these were focused one mode for a single city. In this study, hedonic pricing model is constructed investigate commuter rail/Bus Rapid Transit (BRT) bus lines separately two different areas: Stamford area (Stamford–Darien–New Canaan) Hartford (Hartford–West Hartford–East Hartford), Connecticut. Comparison results from Ordinary Least Square Geographically Weighted Regression (GWR) indicates that estimation accuracy can be improved considering local variation. Results GWR show rail/BRT vary spatially area. Negative stops are found downtown positive west east sides Hartford. Impacts relatively minor compared with lines, partly due recent launching BRT rail line. contrast, most properties appreciation towards service depreciation service. This study reveals roles systems affecting values. It also provides empirical evidence future transit-oriented development region uplifting real estate market.