diablo234
August 22nd, 2011, 09:00 AM
Study Finds Connection Between Neighborhood Walkability and Home Values
By Erica Christoffer, Contributing Editor, REALTORŪ Magazine
http://speakingofrealestate.blogs.realtor.org/2009/08/22/study-finds-connection-between-neighborhood-walkability-and-home-values/
A recent study released by CEOs for Cities shows homes located in walking-friendly neighborhoods–with nearby amenities such as parks, schools, libraries, restaurants, and coffee shops*–sell at higher prices than homes in less walkable neighborhoods.
The data, provided by ZipRealty, was compiled from 94,000 real estate transactions in 15 U.S. markets. The report scored a neighborhood’s walkability by measuring the distance and variety of typical household services, products, and activities. “Walk Scores” from 0-100 were assigned to each area.
“Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” released Aug. 18, found that in 13 of the 15 markets analyzed, higher levels of walkability directly correlate with higher home values. For every one-point increase in a community’s Walk Score, the home values increased $700 to $3,000.
Figures I should post this here. Basically they are mentioning that homes in areas with higher walk scores have more value than areas which are more car dependant.
By Erica Christoffer, Contributing Editor, REALTORŪ Magazine
http://speakingofrealestate.blogs.realtor.org/2009/08/22/study-finds-connection-between-neighborhood-walkability-and-home-values/
A recent study released by CEOs for Cities shows homes located in walking-friendly neighborhoods–with nearby amenities such as parks, schools, libraries, restaurants, and coffee shops*–sell at higher prices than homes in less walkable neighborhoods.
The data, provided by ZipRealty, was compiled from 94,000 real estate transactions in 15 U.S. markets. The report scored a neighborhood’s walkability by measuring the distance and variety of typical household services, products, and activities. “Walk Scores” from 0-100 were assigned to each area.
“Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” released Aug. 18, found that in 13 of the 15 markets analyzed, higher levels of walkability directly correlate with higher home values. For every one-point increase in a community’s Walk Score, the home values increased $700 to $3,000.
Figures I should post this here. Basically they are mentioning that homes in areas with higher walk scores have more value than areas which are more car dependant.