Graduation Year

2024

Graduation Month

May

Document Type

Thesis

Degree Name

Bachelor of Arts

School or Department

Economics

Major

Economics

Faculty Mentor Department

Economics

Faculty Mentor

Katrina Mullan

Keywords

Noise Pollution, Railroad, Hedonic Valuation

Subject Categories

Other Economics | Urban Studies and Planning

Abstract

Noise pollution is a harmful issue that affects all who have the ability to hear, especially those who live close to major noise sources. Some of the most pervasive noise pollutants are major freight and passenger trains, which are a constant nuisance for many citizens across the United States and around the world. One of the greatest impacts that railroad noise pollution has is on residential housing prices, both the value and appreciation of property are often harmed. My analysis quantifies the effect that elevated noise levels associated with proximity to railroad lines have on residential housing prices in Cook County, Illinois, which is comprised of the city of Chicago and its surrounding metropolitan area. At a broader level, noise pollution has consequences on the real estate market. Individuals will make tradeoffs within the housing market when purchasing a house; deciding which attributes are worth spending more or less money for, like deciding to spend less for a home that is close to a rail line. Providing quantitative evidence of the physical relationships between noise pollution and housing prices allows us to establish a concrete understanding of these underlying preferences for different housing trade-offs within the real estate market. While this understanding is useful in and of itself, it can also be an invaluable source of knowledge for both researchers and policymakers who have obligations to protect the residents and new home buyers of Cook County.

Honors College Research Project

Yes

GLI Capstone Project

no

Download

Share

COinS
 

© Copyright 2024 Clemens Walter Wilson