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House prices and the proposed expansion of Chicago's O'Hare Airport

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  • Daniel P. McMillen

Abstract

Quieter aircraft are causing the 65-db noise contour band around O'Hare Airport to shrink over time, even in the event that air traffic increases by nearly 60 percent after the proposed expansion of the airport. Forecasts imply that home prices will increase by nearly $280 million (in 1997 dollars) between 1997 and the time after the expansion of the airport as the number of homes subject to severe noise falls.

Suggested Citation

  • Daniel P. McMillen, 2004. "House prices and the proposed expansion of Chicago's O'Hare Airport," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 28-39.
  • Handle: RePEc:fip:fedhep:y:2004:i:qiii:p:28-39:n:v.28no.3
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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2004/ep_3qtr2004_p3_McMillen.pdf
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    References listed on IDEAS

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    1. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation of Elementary Education," The Quarterly Journal of Economics, Oxford University Press, vol. 114(2), pages 577-599.
    2. Jeffrey E. Zabel & Katherine A. Kiel, 2000. "Estimating the Demand for Air Quality in Four U.S. Cities," Land Economics, University of Wisconsin Press, vol. 76(2), pages 174-194.
    3. J. Tomkins & N. Topham & J. Twomey & R. Ward, 1998. "Noise versus Access: The Impact of an Airport in an Urban Property Market," Urban Studies, Urban Studies Journal Limited, vol. 35(2), pages 243-258, February.
    4. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Wiley Blackwell, vol. 31(3), pages 408-419.
    5. Sheppard, Stephen, 1999. "Hedonic analysis of housing markets," Handbook of Regional and Urban Economics,in: P. C. Cheshire & E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 3, chapter 41, pages 1595-1635 Elsevier.
    6. O'Byrne, Patricia Habuda & Nelson, Jon P. & Seneca, Joseph J., 1985. "Housing values, census estimates, disequilibrium, and the environmental cost of airport noise: A case study of Atlanta," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 169-178, June.
    7. Marcel A. J. Theebe, 2004. "Planes, Trains, and Automobiles: The Impact of Traffic Noise on House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 28(2_3), pages 209-234, March.
    8. Timothy J. Bartik & V. Kerry Smith, 1996. "Urban Amenities and Public Policy," Book chapters authored by Upjohn Institute researchers,in: V. Kerry Smith (ed.), Estimating Economic Values for Nature: Methods for Non-Market Valuation, pages 271-318 W.E. Upjohn Institute for Employment Research.
    9. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
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    Keywords

    Chicago (Ill.) ; Housing - Prices;

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