The Value of Walkability
Walkable neighborhoods are more popular among consumers than ever. According to a new study conducted by the Brookings Institution, people prefer to live in communities that allow them to walk to shops, parks and other destinations and will pay more for a home that allows them to do just that.
The study used the Washington, D.C. area as a test location for the research. The more walkable the community, the more the price per square foot increased. Rental properties in walkable areas averaged $300 dollars per month more than rentals in other areas, and house values averaged $82 more per square foot in walkable areas when compared to homes in less walkable areas.
Taking a stroll through the neighborhood… Talk to a REALTOR® about the benefits of a walkable community. How important is that feature to their clients? Talk to homeowners and renters for insight into why they value walkability. A recent Real Estate Today Radio segment featured WalkScore.com, a website dedicated to helping people find the most walkable communities that fit their needs. Visit the site to find out how your community scores.