The regression output confirmed that airplane noise had statistically significant negative impact to SFR sale prices in Raleigh. For example, homes located within the 65–70 Ldn noise contour, sold for 5.1% less than unimpaired homes (control area transactions) within the one-mile control group area. Furthermore, homes within the 55–60 Ldn noise contour sold for 2.3% less than unimpaired homes.
Billings and Schnepel’s hedonic output presented evidence that lead-paint remediation had a sizeable positive impact to property values. Furthermore, lead remediated homes sold for approximately $26,270 (32%) more than un-remediated homes. When the authors controlled for home improvements associated with remediation, the estimated benefit dropped to $11,629, and equated to a 160% return on investment for remediation costs.
The hedonic output offered evidence that wildfires provided a negative impact to property values within 10 KM from a burned area. For homes located within 5 KM from a burned area, a 13.7% ($33,232) diminution in value was observed as compared to unimpaired homes. This damage estimate decreased to 7.6% ($18,924) for homes located within 5 to 10 KM from a burned area. Furthermore, the binary variable for view of a burned area revealed an additional $6,600 diminution.