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Airport-related noise, proximity, and housing prices in Atlanta

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Author Info
Jeffrey P. Cohen
Cletus C. Coughlin

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Abstract

Using hedonic models, we analyze the effects of noise and proximity on housing prices in neighborhoods near Hartsfield-Jackson Atlanta International Airport during 1995-2002. We address complications caused by changes over time in the levels and geographic distribution of noise and by the fact that noise levels are measured only at the beginning and after the end of the sample period. Generally speaking, housing prices were affected positively by declining noise levels. After accounting for proximity, house characteristics, and demographic variables, houses in noisier areas sold for less than houses subjected to less noise. Comparing prices in 1995-1999 with 2000-2002, the noise discount is larger during the latter period. Proximity to the airport is related positively to housing prices.

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Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 2005-060.

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Date of creation: 2008
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Handle: RePEc:fip:fedlwp:2005-060

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Keywords: Housing - Prices ; Airports;

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  1. Ted Gayer & James T. Hamilton & W. Kip Viscusi, 2002. "The Market Value of Reducing Cancer Risk: Hedonic Housing Prices with Changing Information," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 266-289, October.
  2. Bernard M. S. van Praag & Barbara E. Baarsma, 2005. "Using Happiness Surveys to Value Intangibles: The Case of Airport Noise," Economic Journal, Royal Economic Society, vol. 115(500), pages 224-246, 01. [Downloadable!] (restricted)
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  3. Jeff Anstine, 2003. "Property Values in a Low Populated Area when Dual Noxious Facilities are Present," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 34(3), pages 345-358. [Downloadable!] (restricted)
  4. McMillen, Daniel P., 2004. "Airport expansions and property values: the case of Chicago O'Hare Airport," Journal of Urban Economics, Elsevier, vol. 55(3), pages 627-640, May. [Downloadable!] (restricted)
  5. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 31(3), pages 408-419. [Downloadable!] (restricted)
  6. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July. [Downloadable!] (restricted)
  7. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January. [Downloadable!] (restricted)
  8. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, EconWPA. [Downloadable!]
  9. I.J. Bateman & A.P. Jones & A.A. Lovett & I.R. Lake & B.H. Day, 2002. "Applying Geographical Information Systems (GIS) to Environmental and Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 219-269, June. [Downloadable!] (restricted)
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  1. Jeffrey P. Cohen & Cletus C. Coughlin, 2006. "Spatial hedonic models of airport noise, proximity, and housing prices," Working Papers 2006-026, Federal Reserve Bank of St. Louis. [Downloadable!]
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