Accessibility and house pricing
The Urban Engine has been at the core of an empirical study of accessibility measures in house pricing models for the University of Amsterdam.
House pricing models measure the relationship between a houses price and it’s characteristics. Buyers are willing to pay more for a house in Utrecht than they are for the same house in Coevorden. Large houses are worth more than small houses and buyers are willing to pay more for houses with a south-facing garden.
It seems reasonable to assume that accessibility relates to the price of a house as well. How does one define accessibility though? And are people indeed willing to pay more for a house when its accessibility increases?