Do people value the convenient access to public transit networks? Evidence from apartment transaction prices in Korean metropolitan areas

Authors: Yena Song*, Chonnam National University, Sung-Pil Park, Korea Advanced Institute of Science and Technology, Hanwool Jang, Korea Advanced Institute of Science and Technology
Topics: Transportation Geography, Economic Geography, Spatial Analysis & Modeling
Keywords: public transit, access, apartment transaction prices, metropolitan area
Session Type: Paper
Day: 4/10/2018
Start / End Time: 8:00 AM / 9:40 AM
Room: Poydras, Sheraton, 3rd Floor
Presentation File: No File Uploaded

Public transit is a crucial element of the urban transportation system and especially a densely populated metropolitan requires well-functioning transit systems for people to efficiently move around the area. It is commonly known that the public transit can enhance local accessibility by providing mobility to potential passengers residing or working nearby its serving stations and/or stops. People normally value improved transportation accessibility in an urban area, which can be indirectly assessed by housing prices. This study empirically addresses this issue using actual apartment transaction data and transit networks of Korean metropolitan areas. Utilization of actual transaction data and transit networks enables us to critically assess whether and how much people appreciate the convenient use of the transit networks in Korean metropolitan areas.

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