Home Values & ‘Walkability’

Walking the Walk

When amenities such as libraries, parks, schools, restaurants and stores are within walking distance (generally between one-quarter of a mile and one mile), the value of a home is $4,000 to $34,000 greater, according to a new study of 15 major real estate markets by CEOs for Cities. Walking the Walk: How Walkability Raises Home Values in US Cities is an interesting 30-page exploration of the linkage between home values and walkability. Of the 15 markets studied, 13 showed a significant relationship between walkability and premium home pricing. For a quick press release on the essence of the study, see this summary from CEOs for Cities.

As CEOs for Cities President Carol Coletta avers, “if urban leaders are intentional about developing and redeveloping their cities to make them more walkable, it will not only enhance the local tax base but will also contribute to individual wealth by increasing the value of what is, for most people, their biggest asset.”

Published in: on August 27, 2009 at 10:41 am  Leave a Comment  

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