What Happens To Real Estate Prices When The Airline Leaves Your City?
With the high price of jet fuel, airlines are stopping service to many cities across the United States. There are 30 cities that have seen air service end in the past year and 400 who have seen their service cut.
But my question is, what does the loss of airline service do to property values in a small city?
I would assume that the impact would not be that great. Not many in a city are regular flyers. But the psychic toll to a city having it’s airport essentially closed would be tough. The perception of families relocating that there is not air service to the community would be a detraction.
If your city has lost its air service could you please leave a comment and let us know what impact it has had.
Financially strapped airlines are cutting service, and nearly 30 cities across the United States have seen their scheduled service disappear in the last year, according to the Bureau of Transportation Statistics. Others include New Haven, Conn.; Wilmington, Del.; Lake Havasu City, Ariz.; and Boulder City, Nev.
Over the same period, more than 400 airports, in cities large and small, have seen flight cuts. Over all, the number of scheduled flights in the United States dropped 3 percent in May, or 22,900 fewer flights than in May 2007, according to the Official Airline Guide.
And the service cuts are far from over, as jet fuel prices rise, airlines shut down and companies consider mergers, like the Delta-Northwest deal. New York Times.
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