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This study assesses the effects of aircraft noise on residential satisfaction, an important indicator of subjective well-being. A structural equation model is specified that estimates the relationships between objective variables, noise annoyance variables and residential satisfaction. Secondary data-analysis is used to estimate the model. The survey was conducted in 1996/1997 among the population living within a 25-km radius of Amsterdam Schiphol, the largest airport in the Netherlands. The effect of aircraft noise annoyance is found to be relatively small. In addition, the objective level of aircraft noise exposure is found to be a better predictor of residential satisfaction than its subjective counterpart. The most important determinants of residential satisfaction are found to be road traffic noise annoyance, age and neighbor noise annoyance.