The Impact Of Rail Transit On Residential Price Based On Hedonic Price Model

China’ urbanization is developing fast, however, some problems like bad traffic,environment pollution, shortage of land resources etc, appear. As a fast, effective,environment-friendly urban infrastructure system,urban rail transit can ease theseproblems to a certain extent. However,the high cost of rail transportation, the slowrecovery of funds make rail transportation’constuction face a shortage offunds.What’s worse,the benefits of increase of property nearby station were notdistributed properly,no funds from property’increase were used to construct URRT.Asfor as theory,previous studies mostly used listing data,while transaction data canreflect the impact better;there are some indicators are not included in previousstudies;and comparion of impact between new houses and second-hand houses are notfound now. Therefore,we believe this study about URRT’infuluence on residentialprice is significant in some degree. In addition,this study can help estate develoersand home buyers to some extent.Reviewing relevant theory,discussing the mechanism of URRT’s influence onresidential price.Analysing and comparing Travel Cost Model, Linear ExpenditureSystem,Hedonic Price Model,and choosing Hedonic Price Model as the mainmethod.This article, based on the construction of TianJin urban rail transit, chooses metroline one to research the influence of urban rail transit to the residential price.Theresults show:(1)URRT has a positive influence to residential price,the more closer tosations,the higer the price.(2)A lot of factors impact the residential price.(3)URRT’sinfluence on new houses is stronger than that of second-hand houses.(4)URRT have apositive externalities to property around stations,a huge added value was observed.