Airport noise seriously hurts home sales: Study
If you live near an airport, the roar of passing jets is more than just a noisy distraction – it can be a silent bite into your home’s value.
A working paper published this week by the National Bureau of Economic Research looked at the impact of noise pollution on home prices in areas near airports. It has been found that a one decibel increase in noise levels results in values falling by 0.6% to 1%.
That may not seem like much, but consider that today’s commercial airplanes – which are deliberately designed to reduce noise – produce between 75 and 80 times more noise during landing, with higher levels during takeoff. Large airports see thousands of flights departing and arriving every day, so the frustration factor (and the price tag) can be high.
According to Stephanie Crawford, a real estate developer and co-founder of Nashville, Tennessee, noise pollution can reduce page prices by 10% for miles within three flights. Considering that the median home price is $415,000, the loss in value can be significant.
The uproar over the noise led to a series of lawsuits against the Federal Aviation Administration, or the Agency Candis changed flight procedures in 2013. The new routes focused mainly on narrow roads, producing high and emerging flyovers.
In 2015, homeowners in Phoenix sued the FAA over increased noise pollution, eventually winning the case and leading to a return to previous departure and arrival routes. A similar lawsuit was filed in the state of Maryland in 2017. Earlier this year, two townships in New York State sued the FAA, accused of pollution at John F. Kennedy and Laguardia airports.
Why the area still dominates – even if it is close to the airport
In a housing market where affordability is a concern and a lack of significant interest is driving sellers to lower prices, keeping the home owner’s needs is another reason their home may not be as good as they hoped.
As with all marketing, location is key. The exact impact on prices will depend on where your home is located in relation to flight paths, or the routes flights take when departing or arriving.
Crawford, who lived in reality, says: “It doesn’t matter if you are under the runways, where the planes are low and high.”
This means that not everyone who lives near a hub and travels through it on foot will be adversely affected. Homes near airports and not directly under the main flight paths will have less noise pollution and may be attractive to regular buyers who travel frequently, reducing any high loss of value or leading to higher home prices.
But Nathan Richardson, founder of Digital Real Realform.com, says he noticed that busy airport listings tend to attract less buyer attention, taking longer to sell.
How prospective buyers view these items affects more than just price, Richardson adds. People tend to associate homes near busy airports with high stress, poor sleep patterns and high levels of air pollution, although the data on how high louse actually affects people’s mental health is mixed.
“Once discrimination is in place, it’s hard to go back,” Richardson said.
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