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Abstract:
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Light rail transit (LRT ) systems are tools to help reduce traffic congestion and air pollution , promote high -density development and more affordable housing , and curtail urban sprawl in metropolitan cities throughout the United States . The impact of transit system services on property values has been studied from various perspectives using many statistical approaches . There are two general categories of effects that proximity to a light rail system can have on the value of residential properties : accessibility benefits (experienced in close proximity to the LRT stations ) might increase property values , while nuisance qualities (experienced in both proximity to the LRT line and stations ) could have a negative effect on residential property values . Due to the opposing nature of these coexisting effects , results from many empirical studies have been contradictory or inconclusive . This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values . The economic effect of one particular LRT system , the 7 .5 mile long METRORail line located in Houston , Texas , on the value of properties within close proximity to rail stations has not been thoroughly examined , as it only opened for service in 2004 . This study utilizes property data acquired from the Harris County Appraisal District (HCAD ) , Geographic Information System (GIS ) techniques , and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston , Texas , on the value of residential properties that lie within close proximity to the line’s rail stations . |