Walk The Neighborhood
The walkability of a city correlates directly to increased home values. Where’s the proof you say?
On average the homes in these “walkable” areas have a mix of daily shopping and social designations all within a short distance; they command a price premium of $4,000 to $34,000 over similar homes in less walkable areas.
“This paper explores the connection between home values and walkability, as measured by the Walk Score algorithm. Walk Score measures the number of typical consumer destinations within walking distance of a house, with scores ranging from 0 (car dependent) to 100 (most walkable). By the Walk Score measure, walkability is a direct function of how many destinations are located within a short distance (generally between one-quarter mile and one mile of a home). Our measure of walkability reflects the convenience and proximity of having shopping and cultural activities close at hand, as well as the value households attach to mixed-use neighborhoods.”
To view the full case study, please click here.
- Jayme Mattson
Leave a Reply