Buying House Near Airport and Its Benefits and Negatives
In this blog, we will cover and discuss buying house near airport. We will detail the benefits of living nearby airports and the negatives of living near airports. Our associate contributing editors have interviewed dozens of homeowners who either lived near airports or are currently living close to airports. We have various responses.
Is It Safe To Live Near Airports?
The general consensus is that it was not as bad as we expected. The verdict with Buying House Near Airport depends on the home buyer. Frequent flyers who often travel due to work often find benefits in living close to an airport. Others find buying house near airport a negative due to noise pollution in being under flight paths of airplanes. In this blog, we will discuss the benefits and negative with buying home near airport.
Considerations In Buying House Near Airport
We have covered blogs in buying house near power lines, buying home near main roads, near railroad tracks, and near apartment complexes. Buying house near airport does not devalue a home like buying a home next to railroad tracks unless the home is right next to the runways and/or right below the flight path. Many homeowners like being near and/or close to an airport due to being frequent flyers. Many home buyers will request their realtor to look for homes near short travel distance to an airport
Is It Good To Live Near Airport?
Being near an airport is often an advantage for folks who travel often due to the time it takes to get to and from their destinations. Many cities like Chicago have mass transit access near airports. Many homeowners who live in Chicago is close to O’Hare International Airport. They can often take the CTA (Chicago Transit Authority) El System to get to the airport without taking a cab.
Negatives With Buying House Near Airport
Homes near airports that is not under the direct flight path of airplane adds value to homes. However, if the property is directly under the airplane’s flight path, potential home buyers should research on how low the airplanes are flying during peak flight times and during night times when you are sleeping. Newer homes may have great insulation and soundproofing.
How Close Is Living Too Close To an Airport?
Older homes may experience rumbles and/or loud noise. If the home is a newer home with great insulation and soundproofing, the value is not going to be affected much. However, it may affect resale value and appreciation value if the sound barrier is loud. It all depends on the home buyer. Some folks do not mind airplane noise. Others cannot stand it. Nick Aquino of Aquino Mortgage Group, LLC in Las Vegas Nevada used to live blocks from Midway Airport in Chicago. Nick and his wife Brenda lived in an older home less than 1,500 feet from Midway Airport property. This is what Nick had to say.
Fortunately, it only took Nick and Brenda Aquino less than two months to have their home under contract. Both Nick and Brenda did expressed concern on how difficult it would be to sell a home near an airport and the resale value.
Will Airport Expand In The Future?
Often times airports expand by adding more runways. Many businesses like being located near airports. Often times, being located near airports may mean lower property taxes and higher property value. Many corporations like to develop their business close to airports. Hotels, restaurants, shopping centers, warehouses, office complexes are often developed near airports. This means lower property taxes on residential properties since municipalities generate substantial taxes from businesses and commercial property. In general, buying home near airport will not affect resale value.
Finding Value Buying House Near Airports During Sellers Housing Market
Despite the skyrocketing inflation numbers and increasing mortgage rates, the housing market is strong with homes still appreciating. The bidding war on homes is still going around but it is not as bad as it has been last year. Many economists and housing scholars are still shaking their heads how the demand for housing has not retracted as expected.
Demand for homes still far exceed supply causing home prices still to increase. Despite mortgage rates heading toward north of 7.0%, multiple offers are not as common as last year but it still exists. Home prices have gone up an average of 40% in the past three years with no sign of even the slightest housing correction. Homebuyers who would not mind living near an airport would find it profitable buying a house in sellers market at below market price due to being near airport. Prices near airports averaged a discount of 5% to 7% over the past ten years. However, study found you can find homes near airports listed 10% to 12% below market value of comparable homes not close to airports.
October 2, 2022 - 4 min read