Walking the Walk: How Walkability Raises Home Values in U.S. Cities
Source: CEOs for Cities
More than just a pleasant amenity, the walkability of cities translates
directly into increases in home values. 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.
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 onequarter mile and one mile of a home).
