This article examines whether proximity to cellular phone towers has an impact

on residential property values and the extent of any impact. First, a survey approach is used to examine how residents perceive living near cellular phone base stations (CPBSs) and how residents evaluate the impacts of CPBSs.

Next, a market study attempts to confirm the perceived value impacts reported in the survey by analyzing actual property sales data. A multiple regression analysis in a hedonic pricing framework is used to measure the price impact of proximity to CPBSs. Both the survey and market sales analysis find that CPBSs have a negative impact on the prices of houses in the study areas.