9 things in your area that will devalue the price of your home
Real estate website, Realtor.com has released a report detailing how noise pollutants like highways, busy roads, airports, railways and schools in your neighbourhood devalue the price of your home.
The report was based on nine major noise factors and calculated by comparing the price difference between homes within a certain radius of the noisy source and the median price of homes in the rest of the postal code.
The report found that the airports were the biggest detractor from a home’s selling price as a property could lose up to 13.2% off the going rate if one is located within 3 kilometres of the home.
This was followed by railway tracks (12.3%) in second and highways (11.3%) in third.
The airport statistic is based on an airport being located within 3 kilometers of a home (as it’s almost impossible to have a home closer to the runway). The remaining noise sources were considered if they were situated within 150 meters of the home.
| Local noise source | Depreciation of property |
|---|---|
| Airport | 13.2% |
| Railway Track | 12.3% |
| Highway | 11.3% |
| Busy road | 9.5% |
| Hospital emergency room | 7.6% |
| Busy Church | 5.2% |
| 24-hour supermarket | 5.1% |
| School | 4.3% |
| Fire station | 1.8% |
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