Putting A Price On Walkability
How much is walkability worth? An intriguing new study suggests that people are willing to pay considerable premiums for houses in neighborhoods that are highly walkable — that is, where you can actually get to nearby stores, schools, and parks without having to hop in the car.
The study, conducted by a group called CEOs for Cities, looked at 90,000 homes in 15 different markets in the US, matching up home sales data with “walkability” scores from WalkScore.com. In 13 of the 15 areas studied, homes in highly walkable neighborhoods sold on average for $4000 to $34,000 more than homes in neighborhoods of average walkability.
The pattern held in locations as diverse as Chicago, Tucson, and Jacksonville, Florida; only in Las Vegas were more-walkable neighborhoods less desirable than less-walkable ones. To the author of the study, Joseph Cortright, this suggests that neighborhood walkability is “more than just a pleasant amenity,” and deserves far more attention from politicians and other urban leaders.
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24 August 2009
