NoAOD.com

 

Note these are all properties that are around larger airports.  What happens a large airports will translate into smaller airports.  These are just some of the studies avaliable.

 

 

 

Study showed that the impact on a single family residence ranges from -15.1% to -42.6% with averages in -27.4% below market value. 

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Study showed a decline in property values post announcment of the expansion was approximately 9.2%

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Additioinal infomation from this author (the last line is most interesting)

The formal announcement was to build a FedEx hub which would require another runway. The actual formal announcement occurred in April 1998 although there were announcements starting several months earlier that FedEx was considering a handful of cities for their hub. After the April 1998 announcement it took months until it was finally approved. Our pre-announcement period was 1997:1-98:4, and post announcement was 1999:1 to 2004:2. Changes in the period defined by a quarter of two one way or the other made little difference. I've copied some relevant text from our article below.
My Best,

Daniel

Local economic development groups often look to improved air service as a way to 23
quicken the pace of economic growth in their communities. This is especially true 24
in areas where the pace of growth is perceived to be lagging. The Greensboro/High 25
Point/Winston-Salem MSA (the Triad) is an eight-county area of central North 26
Carolina that includes the cities of Greensboro, High Point, and Winston-Salem. 27
The economy of the region has long been concentrated in apparel, furniture, textile, 28
and tobacco manufacture. But by the mid-1990s, the regional growth had begun to 29
J Real Estate Finan Econ (2006) 33: 91–103
DOI 10.1007/s11146-006-8943-4
NO08943; No of Pages 13
G. D. Jud (*) : D. T. Winkler
Bryan School of Business & Economics, University of North Carolina—Greensboro,
P.O. Box 26165( Greensboro, NC 27402-6165, USA
e-mail: juddon@uncg.edu
D. T. Winkler
e-mail: dt_winkler@uncg.edu
UNCORRECTED PROOF
lag both state and national averages as the region's major industries faced stiffening 30
international competition. 31
Local economic development groups sought a FedEx hub as a way to stimulate the 32
region's economic growth. The new hub offered significant economic development 33
benefits to the region. It is anticipated to initially employ 750 people, 250 full-time 34
with an average salary of $34,000, and a longer-term goal of employing 1,500 people. 35
In addition, the hub would bring state tax incentives for infrastructure improvements, 36
and also attract additional businesses related to FedEx. 37
In April 1998, it was announced that Federal Express had decided to locate a 38
regional air-cargo hub at the Piedmont-Triad International Airport (PTI). The hub 39
would require an expansion of the current airport infrastructure by adding a third 40
runway to the current airport. Newspaper reports at the time anticipated that the hub 41
would begin operation in May 2004, with about 20 flights a night scheduled for 42
landing and takeoff between 10 P.M. and 4:00 A.M. The number of flights was 43
expected to expand to 126 per night by 2009. 44
Following the initial announcement, a widely reported public debate erupted 45
between proponents who stressed the anticipated economic benefits on area 46
employment and income and opponents who warned of the effects on noise, 47
pollution, and congestion. A search using the InfoTrac database revealed a total of 48
508 news stories and 582 opinion and editorial pieces in the Greensboro News & 49
Record relating to the FedEx hub between January 1998 and June 2004. 50 1
This paper examines the effect of the FedEx announcement on surrounding 51
property values. 52 2 The first section reviews the literature on airport noise and
property values. The second section presents the model and empirical data. The 53
third section lays out the empirical results, and the final section reviews relevant 54
findings.

1 For the first several months, the news stories in the News & Record reported that six metropolitan
airports were being considered for the FedEx hub. The final announcement that FedEx had chosen PTI
occurred on April 13, 1998. In July 1998, the governor signed into law a multi-million dollar incentive
package that included millions of dollars of tax breaks for FedEx. The first draft of the FAA
environmental impact statement was released on April 6, 2000, which supported the FedEx proposal. In
June 2000, the Environmental Protection Agency expressed a concern that the noise level estimates were
underestimated, and state environmental regulators were concerned about damage to wetlands and
wildlife habitats. During the months leading to the elections, opponents of the FedEx hub openly
campaigned against politicians who supported FedEx; some politicians changed their position and some
others lost the election because of their support for the hub. In November 2001, the FAA released its final
impact study selecting the PTI hub as the preferred alternative of six options, and formally approved the
project. However, delays in the approval process resulted in the target date for an operational hub being
postponed until 2009; clearing and leveling of land began in 2004 with the expectation this phase being
completed in early 2007.

2 It is important to note that what we refer to as an announcement effect is actually a series of
announcements that extends over multiple years (but well before the operation of the airport expansion).
These announcements provide information to housing market participants who act on this information,
resulting in adjustments to housing prices.

 

 

"Airport and residential housing do not mix.  Statistics have proven that property values near larger airports have fallen an average of 30 percent, that makes the average $100,000.00 home worth only $70,000.00 - - that is more than the equity that many people have in their homes."

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Study showed: If airport noise is looked at by itsefl, there is a reduction in value of property by about 0.3% from one decibel increase. 

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