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The Value of Bus Rapid Transit : Hedonic Price Analysis of the EmX in Eugene , Oregon

Transportation investments can increase the welfare of a city or region in order to create economic development. Often public transportation has the potential for economic development in three ways; sustaining and maintaining dense development and growth in the downtown core; allocating land use and development; creating and stimulating economic growth and employment opportunities. These are measured along the transit line through increase in property values, increased development projects, and changes in business activity (Neuwirth, 143). Other contributing factors to transit decisions include objectives and values, effects on various groups, downtown development and environmental quality. Different modes accomplish these goals with various efficiencies depending on their characteristics. This paper will introduce an examination of the bus rapid transit (BRT) line in the Eugene area based on changes in residential property values. Specifically, the purpose is to determine benefits in terms of the property values changes before and after the implementation of the line. We considered residential sale prices from 20022012 and analyzed trends of house values across varying distances. We found a significant, negative correlation between distance from a property and the Franklin EmX line. There was no significant trend to draw from in regards to the Gateway extension but this value may have simply not had enough time to capitalize into the surrounding properties. We then applied our model to sale prices within a 60 minute walk of the Franklin line to perform a cost/benefit analysis that can be considered for future BRT lines including the westward expansion of the EmX in Eugene.