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CANCELLED – Seminar: Impact of Bike Facilities on Residential Property Prices
February 3, 2017 at 12:00 pm - 1:00 pm
CANCELLED due to weather– Rescheduled for 2/24
TREC is the Transportation Research Education Consortium housed at Portland State University
Urban Studies & Planning: Wei Shi
As many cities are investing in street improvement or transportation infrastructure upgrade projects to provide better bike access or more complete bike networks, the economic value of bike infrastructure and bike facilities remains an area where many practitioners, planners and policy makers are seeking more conclusive evidence. Using residential property values as indicators of consumer preferences for bicycle infrastructure, this study focuses on advanced bike facilities which represent higher levels of bike priority or bike infrastructure investments that have been shown to be more desirable to a larger portion of the population. Estimating ordinary least squares hedonic pricing models and spatial autoregressive hedonic models separately for single and multi-family properties, we find that proximity to advanced bike facilities (measured by distance) has significant and positive effects on all residential property values, highlighting household preferences for high quality bike infrastructure. Furthermore, we also show that the extensiveness of the bike network (measured by density) is a positive and statistically significant contributor to the property prices for all residential property types, even after controlling for proximity to bike facilities and other property, neighborhood and transaction characteristics. Finally, estimated coefficients are applied to assess property value impacts of a proposed Portland “Green Loop” signature bike infrastructure concept, illustrating the importance of considering both accessibility and extensiveness of bike facility networks.
Wei Shi is a PhD student in Urban Studies program at Portland State University. Studying with Dr. Jenny Liu, Wei’s research focuses on transportation and economic impacts of transportation infrastructures, with a special interest in bicycling. Wei has a masters degree in Human Geography in China, and worked for AECOM as an economist for one year.