What Does “Walkability” Say About Your Neighborhood?

Written by Erica Stewart

Given the dearth of positive real estate news as of late, I was happy to read the new report by Joseph Cortright for CEOs for Cities. The finding: homes that are located within walking distance to neighborhood amenities including shops, restaurants, schools, libraries and public transportation have higher property values.

In Cortright’s report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” he examined real estate data in 15 major markets and determined that in 13 of those markets, high levels of walkability were connected to higher home values. His methodology used Walk Score, which measures the proximity of amenities such as restaurants, parks, coffee shops, grocery stories, etc. to calculate “Walk Scores” for the 15 markets. A Walk Score of 100 is the most pedestrian-friendly while 0 is car heaven. Scores of 70 and above indicate high levels of walkability. Cortright found a one-point increase in a Walk Score correlated to an increase in home values from $700 to $3,000, depending on the density of the city being researched. >> Read the rest of the article at the National Trust's blog Preservation Nation.