Waverley Borough Council's planning committee narrowly gave the go-ahead for the plans on Wednesday.
Opponents to the development of the site said the homes were not needed. The council said the new jobs would be created on the brownfield site.
The aerodrome is currently home to Dunsfold Business Park which accommodates more than 100 businesses employing more than 800 people.
Dunsfold Aerodrome is the largest brownfield site in Waverley and is neither in the greenbelt or the Surrey Hills area of outstanding natural beauty.
Read Article