The Announcement Effect of an Airport Expansion on Housing Prices |
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Authors: | G Donald Jud Daniel T Winkler |
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Institution: | (1) Bryan School of Business & Economics, University of North Carolina—Greensboro, P.O. Box 26165, Greensboro, NC 27402-6165, USA |
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Abstract: | 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% in the post-announcement period. In the next 1.5-mile band, house prices declined approximately 5.7% in the post-announcement
period. |
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Keywords: | Airport noise Aircraft noise Property values Housing prices Residential property |
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