Walkability raises home values!

Walkability adds anywhere from $4,000 to $34,000 to home values, according to the study. The bigger, more urban the city (think San Francisco or Chicago), the bigger the boost in home prices walkability adds. Neighborhoods in cities with less dense populations like Tucson, Ariz., or Fresno, Calif., have the smallest boost in home prices from being walkable.

The availability of public transportation also played a role. The higher home values tended to show up in walkable neighborhoods near good public transportation where people could live without an automobile.

To reach that conclusion, the study looked at 94,000 real estate sales of comparable homes in 15 major markets. In 13 of those markets, the walkable neighborhoods had higher home values than further-out neighborhoods with similar homes.

Walkability: The closer, the better
The study also looked at home prices in relation to a neighborhood’s “Walk Score,” which measures how close the homes were to 13 amenities including restaurants, coffee shops, schools, parks, stores, and libraries. Homes within a quarter mile to one mile of the 13 amenities earned the highest walk scores and had the highest values compared with similar homes with lower walk scores.

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