How walkable neighborhoods increase home values
Posted by: Kevin Klinkenberg It's often said that Americans love their cars above everything else, and many question the demand for walkable neighborhoods. And yet, as this and other studies have revealed, quality walkable places are highly valued. This shouldn't be surprising - as human beings, we inherently like to interact with others, and we prefer to have options on how to experience life. Walking/biking, etc are all just examples of how to achieve what's in our nature.Â This is a blog post that I would like to share written byÂ Kaid Benfield, who is the director of the Smart Growth Program in Washington, D.C.
Home values in walkable neighborhoods are measurably higher than those that are not, even when other relevant factors are controlled in the analysis.
Below is an illuminating slide show on the subject that was presented by economist Joe Cortright at a transportation colloquium recently hosted by the Congress for the New Urbanism in Portland. Some key points from the presentation:
- â€œWalkabilityâ€ is not just about sidewalks. Are there places you can walk to?
- Examining data from 98,000 home sales in 15 metropolitan areas, and controlling for other relevant factors, each increase of one point on Walk Scoreâ€™s walkability scale raises home values by $700 to $3000.
- In Charlotte, the increase in value was $1,986 for each Walk Score point.
- Improving walkability raises home values by $10-30,000.
- Because mixed-use development produces big gains in walkability, the findings are evidence of a strong market for mixed-use neighborhoods.
I have to admit that the slide show was a little clunky on my computer (and there is no narration), but it is manageably short (24 slides) and well illustrated. Enjoy: