Abstract
The growing market demand for pedestrian and transit-oriented communities can be capitalized into higher housing values and can generate much-needed revenue for shrinking cities. Few studies, however, have examined sufficiently walkability and its economic outcomes, especially for shrinking cities. Using geographically weighted regression (GWR) models, this study examines the impact of neighborhood walkability, measured by Walk Score and an accessibility–walkability index constructed for shrinking cities on property values of single-family and duplex homes in three rust belt shrinking cities—Buffalo (New York), Pittsburgh, and Detroit. The results suggest that, controlling for spatial autocorrelation effects, GWR models perform more robustly than the traditional ordinary least-squares models. The findings showed that the impact of walkability on single and two-family housing sales in these three cities is significant. Our findings highlight the economic premium of safe and pedestrian-oriented communities in the housing market of shrinking cities and provide validated and empirical evidence for policy implications and approaches that help promote more walkable communities for the redevelopment of shrinking cities.
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© 2020 American Society of Civil Engineers.
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Received: Sep 27, 2019
Accepted: Mar 24, 2020
Published online: Jun 25, 2020
Published in print: Sep 1, 2020
Discussion open until: Nov 25, 2020
ASCE Technical Topics:
- Analysis (by type)
- Business management
- Economic factors
- Engineering fundamentals
- Financial management
- Housing
- Infrastructure
- Pedestrians and cyclists
- Practice and Profession
- Public administration
- Public health and safety
- Regression analysis
- Residential location
- Revenues
- Safety
- Statistical analysis (by type)
- Traffic engineering
- Transportation engineering
- Urban and regional development
- Urban areas
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