COVID-19 moderates the association between to-metro and by-metro accessibility and house prices

Linchuan Yang; Yuan Liang; Baojie He; Hongtai Yang; Dong Lin

doi:10.1016/j.trd.2022.103571

COVID-19 moderates the association between to-metro and by-metro accessibility and house prices

Linchuan Yang, Yuan Liang, Baojie He, Hongtai Yang, Dong Lin^*

^*Corresponding author for this work

Engineering

Research output: Contribution to journal › Article › peer-review

42 Citations (Scopus)

Abstract

Previous studies extensively examined the role of accessibility to metro in shaping house prices but largely overlooked the contribution of accessibility by metro. In addition, limited studies examined the moderating effect of COVID-19 on the price effects of to-metro and by-metro accessibility. Based on multilevel hedonic price and quantile regression models, this study scrutinizes the association between to-metro accessibility, by-metro accessibility, and house prices in Chengdu, China, and examines the moderating role of COVID-19 in this association. We show that by-metro accessibility significantly influences house prices. COVID-19 significantly influences the value of to-metro accessibility but marginally affects that of by-metro accessibility. The value of to-metro accessibility is disproportionately affected by the pandemic. Specifically, small or low-priced houses are less affected than big or high-priced houses. In other words, the flattening of the to-metro price gradient is more discernible for big or high-priced houses. The changing preference of residents has also been verified by the decreases in house transaction volume in metro-adjacent areas.

Original language	English
Article number	103571
Number of pages	16
Journal	Transportation Research Part D
Volume	114
Early online date	22 Dec 2022
DOIs	https://doi.org/10.1016/j.trd.2022.103571
Publication status	Published - Jan 2023

Bibliographical note

CRediT authorship contribution statement
Linchuan Yang: Conceptualization, Data curation, Visualization, Writing – original draft, Project administration, Funding acquisition. Yuan Liang: Conceptualization, Investigation, Software, Writing – review & editing. Baojie He: Methodology, Writing – review & editing. Hongtai Yang: Methodology, Writing – review & editing. Dong Lin: Conceptualization, Methodology, Visualization, Writing – review & editing.

Declaration of Competing Interest
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.

Acknowledgments
This study was supported by the Sichuan Science and Technology Program (No. 2022JDR0178), Sichuan Youth Science and Technology Innovation Team Funding (No. 2022JDTD0005), and the National Natural Science Foundation of China (No. U20A20330). The authors are grateful to the reviewers for their constructive comments.

Data Availability Statement

Data will be made available on request.

Keywords

Transit accessibility
Moderator
Covid-19 Pandemic
Property price
Apartment price
Housing market

Access to Document

10.1016/j.trd.2022.103571Licence: Unspecified

Cite this

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title = "COVID-19 moderates the association between to-metro and by-metro accessibility and house prices",

abstract = "Previous studies extensively examined the role of accessibility to metro in shaping house prices but largely overlooked the contribution of accessibility by metro. In addition, limited studies examined the moderating effect of COVID-19 on the price effects of to-metro and by-metro accessibility. Based on multilevel hedonic price and quantile regression models, this study scrutinizes the association between to-metro accessibility, by-metro accessibility, and house prices in Chengdu, China, and examines the moderating role of COVID-19 in this association. We show that by-metro accessibility significantly influences house prices. COVID-19 significantly influences the value of to-metro accessibility but marginally affects that of by-metro accessibility. The value of to-metro accessibility is disproportionately affected by the pandemic. Specifically, small or low-priced houses are less affected than big or high-priced houses. In other words, the flattening of the to-metro price gradient is more discernible for big or high-priced houses. The changing preference of residents has also been verified by the decreases in house transaction volume in metro-adjacent areas.",

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author = "Linchuan Yang and Yuan Liang and Baojie He and Hongtai Yang and Dong Lin",

note = "CRediT authorship contribution statement Linchuan Yang: Conceptualization, Data curation, Visualization, Writing – original draft, Project administration, Funding acquisition. Yuan Liang: Conceptualization, Investigation, Software, Writing – review & editing. Baojie He: Methodology, Writing – review & editing. Hongtai Yang: Methodology, Writing – review & editing. Dong Lin: Conceptualization, Methodology, Visualization, Writing – review & editing. Declaration of Competing Interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper. Acknowledgments This study was supported by the Sichuan Science and Technology Program (No. 2022JDR0178), Sichuan Youth Science and Technology Innovation Team Funding (No. 2022JDTD0005), and the National Natural Science Foundation of China (No. U20A20330). The authors are grateful to the reviewers for their constructive comments.",

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N1 - CRediT authorship contribution statement Linchuan Yang: Conceptualization, Data curation, Visualization, Writing – original draft, Project administration, Funding acquisition. Yuan Liang: Conceptualization, Investigation, Software, Writing – review & editing. Baojie He: Methodology, Writing – review & editing. Hongtai Yang: Methodology, Writing – review & editing. Dong Lin: Conceptualization, Methodology, Visualization, Writing – review & editing. Declaration of Competing Interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper. Acknowledgments This study was supported by the Sichuan Science and Technology Program (No. 2022JDR0178), Sichuan Youth Science and Technology Innovation Team Funding (No. 2022JDTD0005), and the National Natural Science Foundation of China (No. U20A20330). The authors are grateful to the reviewers for their constructive comments.

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N2 - Previous studies extensively examined the role of accessibility to metro in shaping house prices but largely overlooked the contribution of accessibility by metro. In addition, limited studies examined the moderating effect of COVID-19 on the price effects of to-metro and by-metro accessibility. Based on multilevel hedonic price and quantile regression models, this study scrutinizes the association between to-metro accessibility, by-metro accessibility, and house prices in Chengdu, China, and examines the moderating role of COVID-19 in this association. We show that by-metro accessibility significantly influences house prices. COVID-19 significantly influences the value of to-metro accessibility but marginally affects that of by-metro accessibility. The value of to-metro accessibility is disproportionately affected by the pandemic. Specifically, small or low-priced houses are less affected than big or high-priced houses. In other words, the flattening of the to-metro price gradient is more discernible for big or high-priced houses. The changing preference of residents has also been verified by the decreases in house transaction volume in metro-adjacent areas.

AB - Previous studies extensively examined the role of accessibility to metro in shaping house prices but largely overlooked the contribution of accessibility by metro. In addition, limited studies examined the moderating effect of COVID-19 on the price effects of to-metro and by-metro accessibility. Based on multilevel hedonic price and quantile regression models, this study scrutinizes the association between to-metro accessibility, by-metro accessibility, and house prices in Chengdu, China, and examines the moderating role of COVID-19 in this association. We show that by-metro accessibility significantly influences house prices. COVID-19 significantly influences the value of to-metro accessibility but marginally affects that of by-metro accessibility. The value of to-metro accessibility is disproportionately affected by the pandemic. Specifically, small or low-priced houses are less affected than big or high-priced houses. In other words, the flattening of the to-metro price gradient is more discernible for big or high-priced houses. The changing preference of residents has also been verified by the decreases in house transaction volume in metro-adjacent areas.

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COVID-19 moderates the association between to-metro and by-metro accessibility and house prices

Abstract

Bibliographical note

Data Availability Statement

Keywords

Access to Document

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Cite this