| Noise is one of the major pollutants of highway traffic, and it is much more noticeable to local residents than any other traffic pollution. The main purpose of this research is to examine the impact of highway traffic noise on residential property values. Moreover, the effects of a noise wall on protecting properties from depreciation are examined. This study used micro level data to control the characteristics of properties, and used FHWA TNM V2.5 to calculate the traffic noise level for each selected sample. Hedonic methods were employed to decompose property value to its characteristics. Linear regression models were constructed to estimate the Noise Depreciation Sensitive Index (NSDI) and verify the relationship between a noise wall and property value.;By applying the samples from Jefferson County, Kentucky, the preferred model, Model B2, estimated a correlation coefficient of -0.0034 for the traffic noise variable. This coefficient indicates a NSDI of 0.34, which means a unit increase in the traffic noise level (dBA in Leg) will cause a depreciation of a property of 0.34% of its sale price. This depreciation rate conforms well to previous studies. For the effects of a noise wall, its negative visual impact was controlled by a dummy variable which represents a property facing a noise wall. However, this variable was found to have no statistically significant relationship with the property value. This result indicates that people may think the visual impact of a noise wall is too small to be considered since a noise wall could reduce the noise impact.;The results of this research can help a highway agency with noise impact assessment and noise abatement decisions. In the last chapter, some recommendations are proposed for future research on how to improve hedonic models. |
