Accessibility Changes and Urban House Price Appreciation: A Constrained Optimization Approach to Determining Distance Effects☆

Abstract Land use and location theory suggests that accessibility is an important determinant of residential land values, and of changes in those values. This study explores the construction of the Dames Point Bridge over the St. Johns River in Jacksonville, Florida, to examine the impact of changes in accessibility on housing values. Benefits to the north, from increased accessibility from the urban perimeter, are of primary interest. Additionally, dis-benefits to the south, (from increased traffic congestion and crime), are also investigated. A constrained optimization approach is used to determine the extent (distance from the bridge) to which changes in accessibility benefits or dis-benefits are reflected in urban house price appreciation.