1# RECORD f34b3a1e2f48af6ea9bd6c13d722fba48077ca052# TITLE: Public Transportation Accessibility, Proximity to New York City, and Residential Property Values in New Jersey3# YEAR: 2020.0 VENUE: nan DOI: 10.15760/hgjpa.2020.4.1.64# AUTHORS: Sang-Wan Lee5# PAGES: 25 CANDIDATE TABLE PAGES (1-based): [16, 21]6# ABSTRACT: nan789===== PAGE 1 (score 6, numeric-paren 0, table-words 0, var-words 6) =====1011Hatfield Graduate Journal of Public Affairs 12Hatfield Graduate Journal of Public Affairs 13Volume 4 14Issue 1 The Hatfield Graduate Journal of Public 15Affairs 16Article 6 17May 2020 18Public Transportation Accessibility, Proximity to New 19Public Transportation Accessibility, Proximity to New 20York City, and Residential Property Values in New 21York City, and Residential Property Values in New 22Jersey 23Jersey 24Sangwan Lee 25Portland State University 26Michael Smart 27Rutgers University 28Follow this and additional works at: https://pdxscholar.library.pdx.edu/hgjpa 29 Part of the Public Affairs, Public Policy and Public Administration Commons, and the Urban Studies 30and Planning Commons 31Let us know how access to this document benefits you. 32Recommended Citation 33Recommended Citation 34Lee, Sangwan and Smart, Michael (2020) "Public Transportation Accessibility, Proximity to New York City, 35and Residential Property Values in New Jersey," Hatfield Graduate Journal of Public Affairs: Vol. 4: Iss. 1, 36Article 6. 37https://doi.org/10.15760/hgjpa.2020.4.1.6 38This open access Article is distributed under the terms of the Creative Commons Attribution-NonCommercial-39ShareAlike 4.0 International License (CC BY-NC-SA 4.0). All documents in PDXScholar should meet accessibility 40standards. If we can make this document more accessible to you, contact our team. 414243===== PAGE 16 (score 21, numeric-paren 0, table-words 4, var-words 11) =====4445 46 472020 THE HATFIELD GRADUATE JOURNAL OF PUBLIC AFFAIRS 48Vol. 4:1 49 50 51 52 53 54Figure 1 Trends in the Poverty Rate over Time in New Jersey, 1970-2017 554.3 Correlation between Poverty Rate and Accessibility to Transit 56Stations in New Jersey and New York Penn Station 57 58We examined the correlation between the poverty rate and transit 59accessibility, controlling for diverse independent variables. We tested several 60specifications, including percent change in the poverty rate and log-transformed the 61percent change as a dependent variable, and found that the models cannot 62adequately explain the hypothesis. Thus, we used the poverty rate in 2010 and 2017 63in our final models. Table 5 shows the results of our models; the fit of the model is 64good (r-squared of 0.261 and 0.256), and all the independent variables turn out to 65be a statistically significant predictor of the poverty rate. 66 67As shown in Table 5, for locational factors, the distance to the nearest transit 68station is negatively related to the poverty rate in 2010 and 2017 (B=-0.190 and -690.269). The result supports the conclusion in the previous chapter that low-income 70people are more likely to live in an area with better transit accessibility. Yet, unlike 71a hypothesis we made, distance to New York Penn Station and poverty rate are 72positively related. The poverty rate was significantly influenced by neighborhood 73characteristics of census block groups, including population density, education 74attainment, unemployment rate, the proportion of Non-Hispanic black and 75Hispanic. 76 77 78 79 80 81 82 834.51843.81854.03862.37878.49888.05896.88903.76916.95928.64937.11944.46958.42967.97976.73985.02990100210141026103810410105Proximity to Transit106 Proximity to New York107Proximity to Transit108Non-Proximity to New York109Non-Proximity to Transit110Proximity to New York111Other Census Block Groups112Poverty Rate1131970114199011520001162017117Lee and Smart: Public Transit Access, Proximity to NYC, & Property Values in NJ118119120===== PAGE 17 (score 19, numeric-paren 2, table-words 1, var-words 14) =====121122 123 1242020 PUBLIC TRANSIT ACCESS, PROXIMITY TO NYC, & PROPERTY VALUES IN NJ Vol. 4:1 125 126 127 128 129Table 5 The Result of the Multivariate Ordinary Least Square Regression 130Model for Correlation between Poverty Rate and Transit Accessibility 131 132DV: Poverty Rate in 2017 133DV: Poverty Rate in 2010 134VIF 135Variable Name 136B 137Beta 138B 139Beta 140(Constant) 141-2.921*** 142 143-2.636*** 144 145 146Locational Factors 147 148 149 150 151 152ln (Distance to Transit) 153-.190** 154-.034 155-.269*** 156-.049 1571.658 158ln (Distance to NY Penn 159Station) 160.978*** 161.118 162.738*** 163.091 1642.075 165Neighborhood 166Characteristics 167 168 169 170 171 172Population Density in 1731,000 174.064*** 175.122 176.054*** 177.101 1781.900 179Education Attainment 180(Less than High School) 181.146*** 182.230 183.127*** 184.224 1852.135 186Unemployment Rate 187.175*** 188.101 189.118*** 190.122 1911.226 192Proportion of NH Black 193.072*** 194.225 195.065*** 196.219 1971.395 198Proportion of Hispanic 199.034*** 200.105 201.024*** 202.075 2032.474 204Sample Size 2056,283 2066,285 207 208R Square 2090.261 2100.256 211 212⃰ Significant at p < 0.10; ⃰ ⃰ Significant at p < 0.05; ⃰ ⃰ ⃰ Significant at p < 0.001 2135 Conclusion 214 215This research improves on existing studies and examines the impact of 216public transportation accessibility and New York on residential property values in 217New Jersey. We also examine the trends in the poverty rate and the correlation 218between transit accessibility and poverty rate to see if low-income people are 219disproportionately priced out of transit-accessible places. 220 221An interesting finding is that the locational factors are strongly associated 222with housing prices and that the relationship between prices and distance to major 223activity centers and to transit is logarithmic rather than linear. Also, distance to New 224York Penn Station is a strong predictor in the models. Relative to housing 225proximate to other transit lines, housing near Northeast Corridor Line, that provides 226direct access to New York Penn Station without a transfer, had much higher 227housing price. The relationship between the Walk Score and housing price of 228apartments and condos suggests that home-buyers are split on the attractiveness of 229walkability, with some preferring very un-walkable areas, and others preferring 230very walkable areas. 231 232Hatfield Graduate Journal of Public Affairs, Vol. 4, Iss. 1 [2020], Art. 6233234235===== PAGE 21 (score 17, numeric-paren 0, table-words 2, var-words 10) =====236237 238 2392020 PUBLIC TRANSIT ACCESS, PROXIMITY TO NYC, & PROPERTY VALUES IN NJ Vol. 4:1 240 241 242 243 244 245Figure 3 The Relationship between Distance to the New York Pen Station 246and Housing Price 247Table 7 The result of the Hedonic Regression Model for All Residential 248Properties and Two Submarkets (Dependent Variable: Housing Price in 249$1,000) 250 251All Residential 252Properties 253(Model 1) 254Single-Family 255Housing 256(Model 2) 257Apartment 258and Condo 259(Model 3) 260Variable Name 261B 262Beta 263B 264Beta 265B 266Beta 267(Constant) 268168.449 ⃰ ⃰ 269 ⃰ 270 271206.939 ⃰ ⃰ 272 ⃰ 273 274359.780 ⃰ ⃰ 275 276Locational Factors 277 278 279 280 281 282 283ln (Distance to Transit 284Station) 285-34.000 ⃰ ⃰ 286 ⃰ 287-.104 288-33.876 ⃰ ⃰ 289 ⃰ 290-.103 291-11.717 292-.034 293ln (Distance to New York 294Penn Station) 295-99.463 ⃰ ⃰ 296 ⃰ 297-.277 298-97.568 ⃰ ⃰ 299 ⃰ 300-.245 301-125.284 ⃰ ⃰ 302 ⃰ 303-.400 304Housing Characteristics 305 306 307 308 309 310 311Beds 31288.008 ⃰ ⃰ ⃰ 313.413 31454.563 ⃰ ⃰ ⃰ 315.240 316104.778 ⃰ ⃰ 317.329 318Beds² 319-6.354 ⃰ ⃰ ⃰ 320-.268 321-3.232 ⃰ ⃰ 322-.140 323-9.423 324-.178 325Age 326-3.903 ⃰ ⃰ ⃰ 327-.446 328-3.707 ⃰ ⃰ ⃰ 329-.412 330-7.071 ⃰ ⃰ ⃰ 331-.740 332Age² 333.021 ⃰ ⃰ ⃰ 334.321 335.019 ⃰ ⃰ ⃰ 336.290 337.047 ⃰ ⃰ ⃰ 338.608 339Parking Spots 34019.685 ⃰ ⃰ ⃰ 341.123 34219.854 ⃰ ⃰ ⃰ 343.129 34415.695 345.046 346Housing Size in 100 sqft 3478.633 ⃰ ⃰ ⃰ 348.258 3498.123 ⃰ ⃰ ⃰ 350.243 35115.393 ⃰ ⃰ ⃰ 352.295 353Built Environment 354 355 356 357 358 359 360Walk Score 361-1.374 ⃰ ⃰ 362-.135 363-1.327 ⃰ 364-.127 365-2.622 366-.258 367Walk Score² 368.015 ⃰ ⃰ 369.148 370.014 ⃰ 371.130 372.035 ⃰ ⃰ 373.384 374Transit Village 375-47.069 ⃰ ⃰ 376-.052 377-36.421 ⃰ ⃰ 378-.040 379-63.014 ⃰ 380-.071 381Transit Characteristics 382 383 384 385 386 387 388Northeast Corridor Line 38978.728 ⃰ ⃰ ⃰ 390.075 39183.400 ⃰ ⃰ ⃰ 392.082 3931.938 394.002 395Light Rail Transit 396-10.033 397-.011 398-2.271 399-.002 400-68.500 ⃰ ⃰ 401-.101 40204030.540414051.540624072.54083409041020411404126041380414100415120416140417Percent Change (%)418Distance to the New York Penn Station (in Miles)419All Residential Properties420Single-Family Housing421Apartments and Condos422Hatfield Graduate Journal of Public Affairs, Vol. 4, Iss. 1 [2020], Art. 6423424425===== PAGE 22 (score 7, numeric-paren 0, table-words 1, var-words 4) =====426427 428 4292020 THE HATFIELD GRADUATE JOURNAL OF PUBLIC AFFAIRS 430Vol. 4:1 431 432 433 434 435Neighborhood 436Characteristics 437 438 439 440 441 442 443Population Density in 1,000 4441.167 ⃰ ⃰ 445.057 4461.966 ⃰ ⃰ 447.069 448.870 449.067 450Proportion of the White 4511.193 ⃰ ⃰ ⃰ 452.107 4531.478 ⃰ ⃰ ⃰ 454.137 455-1.155 ⃰ ⃰ 456-.088 457Per Capita Income in 458$1,000s 4595.630 ⃰ ⃰ ⃰ 460.427 4615.984 ⃰ ⃰ ⃰ 462.444 4635.403 ⃰ ⃰ ⃰ 464.439 465Sample Size 4661,780 4671,501 468279 469R Square 4700.641 4710.638 4720.730 473Dependent Variable: Housing Price in $1,000 474⃰ Significant at p < 0.10; ⃰ ⃰ Significant at p < 0.05; ⃰ ⃰ ⃰ Significant at p < 0.001 475 476 477 478 479Lee and Smart: Public Transit Access, Proximity to NYC, & Property Values in NJ480