A Study of the Area Scale of Rapid Transit Stations

By using regression technique, rent utility functions (Wheaton, 1977) are established by which the value of travel time and the value of distance could be calculated and estimated. By applying trade-off theory of savings of travel time and land prices, the real-estate prices are estimated from travel cost savings of a rapid transit system. Stratifying households into different types of socioeconomic characteristics, rent utility functions are developed in order to analyze the bid rents of each household type, we could analyze and compare which household type might willingness-to-pay the highest rent and then probably move into transit station areas.

Trip distribution models are also developed and used to forecast potential passengers and floor area sizes of each transit stations. Kaohsiung Metropolitan area is selected to be an empirically study area. Data based on a household survey is used to develop rent utility functions.

Existing trip OD data is used to develop trip distribution models. By conducting the estimation process of changing real estate price proposed in this paper, the empirical results show as follows. Real estate price and service area of a suburban transit station tends to be larger than the ones in inner city.

Different household types of socioeconomic characteristics do have different willingness-to-pay of real estate prices. In terms of floor areas, a transit station in downtown area has the largest size, that has middle size in midtown area, and that has the smallest size in suburban area.