The Announcement Effect of an Airport Expansion on Housing Prices
Posted: 12 Apr 2006
The purpose of this study is to examine the influence of the announcement of a new airport hub on housing prices near the airport. While numerous studies of airport noise have found that high noise levels reduce property values, few have been able to measure the announcement effect on values. The results indicate that after controlling to extraneous influences, housing property prices in a 2.5 mile band from the Greensboro/High Point/Winston Salem metropolitan airport declined approximately 9.2 percent in the post-announcement period. In the next 1.5 mile band, house prices declined approximately 5.7 percent in the post-announcement period.
Keywords: airport noise, aircraft noise, property values, housing prices, residential property
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