Long-term impact of network access to bike facilities and public transit stations on housing sales prices in Portland,Oregon

Planners and economists generally accept that housing market values increase with proximity to transportation facilities through the provision of improved access to activity locations. While the market benefits of rail station access are well-documented, inconsistent and insufficient methods have led to limited agreement on the true value associated with this locational amenity. Far fewer hedonic price studies have assessed the influence of bike facility access on housing sales prices, and those that have generally analyze cross-sectional data. In this study, we estimated a spatial hedonic model using a bootstrapped pseudo panel to determine the joint impact of network proximity to bike lanes and off-street multi-use paths, as well as light rail and streetcar stations, on housing sales in Portland, Oregon, from 2002 to 2013. Our findings revealed housing sales prices increased as network distance to the nearest light rail transit and streetcar station decreased. Likewise, owner-occupied single-family and multifamily housing sales rose in conjunction with reduced street network access to regional multi-use bike paths; however, improved proximity to on-street bike lanes negatively affected housing values. In sum, we believe these findings may help to inform non-automotive transportation infrastructure financing mechanisms that rely on rising property values.