Buying a house close to the freeway or major road will be a concern from a resale point of view.
Most buyers I work with don't even want to look at homes close to the freeway. Then there are some that seem to feel that as long as the noise is not too loud, they are fine with it, especially if they are getting a good deal on that house when compared to other homes in the neighborhood that are away from the freeway.
Consider the fact that if you leave the window open at night in the summer, will the noise bother you? You may not hear the noise if the windows are closed especially if there are dual paned windows.
As far as major health issues, you can never be sure. It seems like the air quality may be effected.
Keep in mind, there is a buyer for every house, it just depends at what price?
It seems inescapable with that many cars going past you day and night that your air quality is going to be affected. I believe there have also been some studies on noise affecting developing children but I don't have the research handy.
Whether or not it will affect you physically or not, it will definitely affect you on resale value. There is a large chunk of the buying population that simply won't buy that close to a freeway no matter what the price. Why would you put yourself in that position? Unless you are planning to stay there the rest of your life, it doesn't make sense unless you are getting it so cheap that resale doesn't matter.
Lance King/Owner-Managing Broker
The main issue with owning property in a close proximity to a freeway or major traffic is the "road noise" associated with it. After living there for a while, it becomes less noticable for the residents, however, for the buyer it can becoma a "major" factor and even the reason why they move on to explore other opportunities.
If seriously considering a home in one of these area, making sure you get a good deal when purchasing may go a long way in protecting your investment when it comes time to sell.