Sound effects: Measuring the impact of aircraft noise on residential property values around McCarran International Airport

The airline industry is investing billions of dollars to adhere to the Airport Noise and Capacity Act of 1990. The Act requires airlines to reconfigure 100% of their fleets with quieter aircraft. This regulation is based in part on studies conducted around airport facilities which indicated a negative impact from noise on residential property values; The purpose of this paper is to review the issue of aircraft noise and its impact on residential property, specifically single-family homes. It discusses the use of hedonic functional forms in measuring the effect of aircraft noise around a major airport facility. The empirical analysis concludes that a low, negative impact on single-family residences can be expected as a result of aircraft noise exposure around McCarran International Airport