Can you walk to stores, schools and a park from your home? If so, your house or condo may be worth substantially more than those in more isolated, pedestrian-hostile neighborhoods.
That’s the finding of “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” a study by Joseph Cortright that analyzed data from 94,000 real estate transactions in 15 major markets provided by ZipRealty and found that in 13 of the 15 markets, higher levels of walkability, as measured by Walk Score, were directly linked to higher home value.
The report found, in short, that walkability is more than just a pleasant amenity. Homes located in more walkable neighborhoods—those with a mix of common daily shopping and social destinations within a short distance—command a price premium over otherwise similar homes in less walkable areas. Houses with the above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.
// Photo – Vonderuvisuals