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This study is the first to lend empirical support to the common belief that traffic intensity affects property values. Using a standard hedonic pricing model, this paper investigates the price effects on housing of traffic within a neighborhood. Results using data on single‐family housing transactions for two different locations in a medium‐sized city show a substantial negative price effect of traffic externalities. The magnitude of the effect is shown to be location specific.
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Hughes et al. (1992) studied this question.
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