Trade-offs between Transportation, House Price and Amenities in Residential Location Choice in Oxfordshire, UK

Stated preference (SP) experiments are introduced and applied to an investigation of the impact of transport and other factors on residential location. The experiments, based upon repeated hypothetical discrete choice between three different locations, involved respondents making tradeoffs between the various characteristics in a fractional factorial, orthogonal survey design. 360 homeowners were surveyed, with 96 usable replies. The relevant attributes considered in the SP exercise included house price, house location, residential density, quality of schools, noise level, travel time and cost to work, travel cost to supermarkets. The estimation results indicate that the housing attributes considered have significant effects on the attractiveness of residential location. For the full data set it is estimated that one-minute of travel time to work and one pence of travel cost to work are worth £6.418 and £926 of house price respectively, while value of time is estimated around 7 pence per minute. This is n...