Limited impact of roadway construction and traffic congestion on nearby housing prices

IF 6.3 2区 工程技术 Q1 ECONOMICS
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引用次数: 0

Abstract

Constructing new roads and upgrading existing roads are two common approaches to address congestion caused by increasing traffic volumes. But they can also impact local communities if roads are built through neighborhoods or existing roads and intersections are widened and placed closer to nearby homes. In this paper, we estimate how local communities are impacted by these changes using data on housing prices near roads and roadway construction projects. We find that homes near major roads sell for less than homes further away, but that congestion-reducing road improvements only lead to small average increases in nearby home prices. Our results suggest that major roads in close proximity negatively impact housing prices by affecting neighborhood aesthetics, and this relationship is not contingent upon the level of traffic on the roads. Our results can help policymakers consider the external costs borne by local communities when conducting cost–benefit analyses of roadway expansions or improvements.

道路建设和交通拥堵对附近房价的影响有限
修建新道路和改造现有道路是解决交通流量增加造成拥堵的两种常见方法。但是,如果修建的道路穿过居民区,或者现有道路和交叉路口被拓宽并更靠近附近的住宅,也会对当地社区造成影响。在本文中,我们利用道路和道路建设项目附近的住房价格数据,估算了当地社区如何受到这些变化的影响。我们发现,主干道附近的住宅售价低于较远的住宅,但减少拥堵的道路改善工程只会导致附近住宅价格的小幅平均增长。我们的结果表明,临近的主要道路会影响社区美观,从而对房价产生负面影响,而这种关系并不取决于道路的交通水平。我们的研究结果有助于决策者在进行道路扩建或改善的成本效益分析时,考虑当地社区所承担的外部成本。
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来源期刊
Transport Policy
Transport Policy Multiple-
CiteScore
12.10
自引率
10.30%
发文量
282
期刊介绍: Transport Policy is an international journal aimed at bridging the gap between theory and practice in transport. Its subject areas reflect the concerns of policymakers in government, industry, voluntary organisations and the public at large, providing independent, original and rigorous analysis to understand how policy decisions have been taken, monitor their effects, and suggest how they may be improved. The journal treats the transport sector comprehensively, and in the context of other sectors including energy, housing, industry and planning. All modes are covered: land, sea and air; road and rail; public and private; motorised and non-motorised; passenger and freight.
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