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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 singlefamily, 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 4.1% to 7.1%. 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.