Traffic Noise and Housing Values: Evidence from an Airport Concession Renewal
Samuel Lindgren ()
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Samuel Lindgren: CTS - Centre for Transport Studies Stockholm (KTH and VTI), Postal: Centrum för Transportstudier (CTS), Teknikringen 10, 100 44 Stockholm, Sweden
No 2018:15, Working papers in Transport Economics from CTS - Centre for Transport Studies Stockholm (KTH and VTI)
Credible estimates of the cost of traffic noise are crucial to the assessment of the merits of noise control policies. This study estimates the cost of aircraft noise by measuring its capitalization into housing prices following an unexpected renewal of the operating contract for a local airport. The results show that a one decibel increase in aircraft noise leads to a reduction in housing values of 0.3 percent, or $1,200, on average. The capitalization rate is larger the higher is the property’s value, size and standard which suggest that owners of these houses benefit relatively more from noise abatement measures.
Keywords: noise pollution; value of environmental goods (search for similar items in EconPapers)
JEL-codes: Q51 Q53 R23 R31 R41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-env, nep-reg, nep-tre and nep-ure
Date: 2018-09-11, Revised 2019-02-26
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:ctswps:2018_015
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