Nearly 6 years ago, I started working towards my Masters degree in Geographic Information Science in the online program from Northwest Missouri State. After alot of work, I finally got my diploma in the mail today. Totally worth it.
For my thesis project, I researched the effect of MetroLink (the St. Louis light rail system) on the property values of houses located near the stations. The thesis alone was over a year of researching, examining data, writing, revising, and revising again. My official abstract is below. Essentially, what I found was that (single-family, owner-occupied) houses located within one-quarter of a mile of a station where worth 5-10% more than a similar house located further away from a station.The effect is different for each station and includes St. Louis County only.
Since I only occasionally get to do actual geographic analysis in my work at Laclede Gas, this project was a good chance to apply some of the skills I developed in the last several years while learning more about an issue that I care about. The "Watch This Space" sign has finally been replaced with my framed diploma. Violet now thinks that I am "like Elmo" because in one episode of Sesame Street, he goes to school and gets a diploma.
ABSTRACT
This study investigates the degree to which light rail
stations in St. Louis
County impact the
property values for residences located nearby. A premium has been found for
properties located near transportation facilities; however this effect is
inconsistent for light rail stations in other cities. Assessment data is
analyzed to determine if single-family, owner-occupied properties located in
the station area have higher property values compared to a control area.
Station and control areas were designated at 1,200 feet and between 1,800 and
2,800 feet, respectively. Regression modeling was used to measure differences
in assessed value between the station and control areas while controlling for
house size. Each station was categorized based on the presence of on-site
parking, whether or not it is located at a major destination, and how walkable
the surrounding neighborhood is.
Of the nine
station areas with sufficient data, five showed positive effects from being
located within 1,200 feet of a station. Premiums ranged from 3.3% to 7%. The
remaining four station areas showed no effect. Additionally, analysis of sales
values indicates that properties in the station areas are valued higher than is
indicated by the assessed value.
I am working with my advisor now to get my research published in an academic journal. If anyone is interested in reading the full thesis, contact me and I can send you a copy.
