Longer term housing market effects of a major US airport closure

Using a unique dataset, we examine various effects of closing Denver's Stapleton Airport, and subsequent redevelopment, on nearby housing markets. We find immediate anticipatory price effects upon announcement, but no price changes at closing and little evidence of upward trending prices betwee...

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Bibliographic Details
Published inReal estate economics Vol. 51; no. 4; pp. 990 - 1010
Main Authors Cohen, Jeffrey P., Coughlin, Cletus C., Crews, Jonas, Ross, Stephen L.
Format Journal Article
LanguageEnglish
Published Bloomington Blackwell Publishing Ltd 01.07.2023
Subjects
Airports
Households
Housing
Redevelopment
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Summary:Using a unique dataset, we examine various effects of closing Denver's Stapleton Airport, and subsequent redevelopment, on nearby housing markets. We find immediate anticipatory price effects upon announcement, but no price changes at closing and little evidence of upward trending prices between announcement and closing. Post‐closure, more higher income and fewer Black households moved in, and developers built larger houses on larger lots. Increases in the price of pre‐existing housing are also found. Finally, we find that post‐closing price increases were largest in areas that were closest to the center of new commercial development and that had greater exposure to new housing construction.
ISSN:1080-8620
1540-6229
DOI:10.1111/1540-6229.12433