Effects of Access Time via Travel Modes to Urban Service Facilities on Housing Prices: Evidence from Seoul

초록

The spatial allocation of urban service facilities and their accessibility are core factors determining the social, economic, and environmental sustainability of cities and neighborhoods. Previous studies have analyzed how access to these facilities affects housing prices. However, few studies have investigated the effects of accessibility by travel time and modes using real-time data. This study examined how accessibility to urban facilities, measured by travel time and modes such as walking, driving, and public transit, affects high- and low-rise housing prices in Seoul. The multilevel hedonic price models revealed that proximity to urban service facilities significantly affects local housing prices, with the effects varying by travel mode and residence type. Better access to major services, such as elementary and high schools, neighborhood hospitals, large retail stores, and metro stations, positively influences the value of both high-rise apartments and low-rise multiunits. However, this effect varies considerably by travel mode and housing type. High-rise apartment prices are appreciated with proximity to high schools and healthcare facilities, indicating the time-sensitive priorities of residents. Low-rise multiunits often command higher prices when located further from schools but closer to parks. This analysis highlights the importance of walkable and public transit access to urban services, collaborative planning among relevant authorities, and effective planning and policy that considers residents' preferences, spatial configuration of urban services, and local contexts.

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