Walking the Walk: How Walkability Raises Housing Values in the U.S Cities, a study by Joseph Cortright, analyzed data from 94,000 real estate transactions in 15 markets provided by Zip Realty. The study revealed that in 13 of 15 markets observed, increased levels of walkability related to higher housing values.The study explored the connection between home values and walkability as measured by a walkability algorithm. Moreover, Walkscore measures the number of typical consumer destinations within a walking distance of a house, with scores ranging from 0 (automobile dependent) to 100 (most walkable).
The measure of walkability reflects the convenience and proximity of having shopping and cultural activities closer at hand, as well as the value households attach to mixed-use neighborhoods.The results of the study show that consumers and markets attach a positive value to living within easy walking distance of schools, shopping areas, and other amenities.The property value preminum for walkability seems to be higher in more populous urban areas and those with extensive transit services. Thus, the study makes it clear that walkability is strongly associated with higher housing prices all near metropolitan areas, and finally calls for policy makers to pay attention to walkability as the key measure of urban vitality.
For further reading please click here.