The purpose was to evaluate airport impact on nearby residential property values (RPV). The hypothesis was that a relationship between noise levels, and nearby RPV could be identified and quantified. The objective was to model a relationship between housing location with respect to an airport and housing value, taking into consideration other relevant factors. Evaluation of aviation facilities impact on RPV was based on a sample of 587 single-family houses sold during 1984 and 1985. Selling price was used as the dependent variable. Independent variables included physical characteristics of a house, distance to the closest airport, accessibility of a house to the urban area, and supply and demand for houses. Distance to nearest airport was used as a surrogate for aircraft noise level. Study indicated that impact of aviation facilities on RPV could be quantified using selling price of a house as the dependent variable and distance from an airport as a primary independent variable along with physical characteristics of a house. Effect of an airport on RPV appears dependent not only on distance, but also on type of airport and selling price of a house. Davis-Monthan Airport (DM), a military airport, has a significantly greater impact than Tucson International Airport (TIA), a commercial airport. DM impact was greatest on houses priced above sample median. However, lower priced houses were effected more when the impact was expressed as a percent of selling price. DM impact area was approximately 2 miles from the airport, while TIA impact was about 1 mile from the facility. Distance from DM was the most significant variable in describing variation in selling price for houses closest to this facility. Living area of a house was also a very significant variable. Distance to TIA was not very significant in evaluating selling price variation. Living area and age of a house were generally the most significant variables describing selling price variation for TIA subset.