Homes in "walkable" communities are becoming more and more popular, according to an August 2009 study released by CEOs for Cities. Not only are they more popular, homes located in these urban areas are showing a marked increase in value.
The study, entitled, "Walk the Walk," concludes, "More than just a pleasant amenity, the walkability of cities translates directly into increases in home values." CEOs for Cities defines walkable neighborhoods as "those with a mix of common daily shopping and social destinations within a short distance."
The study maintains houses with "above-average levels of walkability" sell for a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.
The Walk the Walk study turned defining a community's walkability into a fine science and explores the connection between home values and walkability as measured by a Walk Score algorithm and other mathematical and scientific equations and controls.
Bottom line: People like to walk and more people are creating designer lifestyles that allow them to live without a car. They want to walk to stores, schools, parks and to places that provide them with the services they need. And, they are willing to pay.
"The property value premium for walkability seems to be higher in more populous urban areas and those with extensive transit, suggesting that the value gains associated with walkability are greatest when people have real alternatives to living without an automobile," the study said.
The study's measure of walkability focused on the benefits of walking along with better accessibility in general.
The report concludes, "This research makes it clear that walkability is strongly associated with higher housing values in nearly all metropolitan areas. The choice, convenience and variety of walkable neighborhoods are reflected in housing markets and are the product of consumer demand for these attributes."
As the nation watches the housing market with baited breath, it's good to know people are still looking to a bright future and focusing on ways to increase home values through research and without speculation.
CEOs for Cities -- a national cross-sector network of urban leaders from the civic, business, academic and philanthropic sectors - is calling for urban leaders to pay close attention to walkability "as a key measure of urban vitality and as impetus for public policy that will increase overall property values - a key source of individual wealth and of revenues for cash-strapped governments in a tough economy."
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