value of homes around a walk -and -ride station increased by 10.8 percent relative to <br />control areas.30 <br />Being very close to a station has a positive impact on home values: Housing cost <br />premiums are greater around stations in walkable, mixed-use, and pedestrian -oriented <br />areas.31 <br />Perk (2009) found that holding all else constant, property 1,000 feet away from a BRT <br />station in Pittsburgh is valued $9,745 less than one that is 100 feet away from the <br />station. This study also found that every 1,000 feet closer to a station increases market <br />value of single family home by $836. The study controlled for distance, property <br />characteristics, locational amenities, and neighborhood characteristics .32 <br />Shen et al. (2018) looked at the impact of BRT on single family property values and <br />found that single family houses located within 0.5 mile or between 0.5 and 1.0 mile <br />from the transit center command a large premium. Home sales price is expected to <br />reduce by $2,215 if the distance to the corresponding transit center increases by 1,000 <br />feet. Conversely, adding an additional bus stop within a quarter mile radius was <br />estimated to increase the housing price by $1,540.33 <br />■ Ulloa (2015) found that "Properties that were in an area between 0.4 and 0.8 mile <br />(network distance) away from a BRT station, possessed about a $5,000 premium in <br />sales price during the bust and initial recovery of the real estate market that occurred <br />between 2009 and 2013."34 <br />Delayed effect of transit investment on real estate market: Liu (2012) studied the <br />impact of 11 Los Angeles fixed -guideway transit stations on the local real estate market. <br />Liu found that median home values in station areas are more stable during recession <br />periods and that long-term impacts are stronger than short-term (3 year) impacts: the <br />market needed adjustment time for people to realize the benefits of being near the <br />transit station and added accessibility brings in new development .35 <br />30 Kahn, M. E. 2007. "Gentrification Trends in New Transit -Oriented Communities: Evidence from 14 Cities That <br />Expanded and Built Rail Transit Systems." Real Estate Economics 35:155-182. <br />31 Wardrip. 2011. <br />32 Perk, Victoria. 2009. "Impacts of Bus Rapid Transit (BRT) on Surrounding Property Values." National Bus Rapid <br />Transit Institute. PowerPoint Presentation for the APTA Bus Rapid Transit Conference. <br />33 Shen, Qing, Xu, Simin, and Lin, Jiang. 2018. "Effects of Bus Transit -Oriented Development (BTOD) on Single Family <br />Property Value in Seattle Metropolitan Area." Urban Studies 55(13): 2960-2979. <br />34 Ulloa, Steven Thomas. 2015. "The Impact of Bus Rapid Transit Implementation on Residential Property Values: A <br />Case Study in Reno, NW. Graduate Theses and Dissertations. University of South Florida. <br />3s Liu, Chen. 2012. "The Impact of LA's Fixed -Guideway Transit Stations on the Local Real Estate Market." UCLA <br />Urban Planning Department for SCANPH. <br />ECONorthwest 41 <br />214 <br />