If you’re able to walk instead of drive to the supermarket for a gallon of milk, you and your neighborhoods home values may benefit from the exercise. Homes in neighbourhoods with good walkability are preferred and more valuable by home buyers than similar homes in neighbourhoods where residents must drive to get to amenities.
Proximity to amenities as restaurants, coffee shops, schools, parks, stores, open spaces and libraries will raise the home value. The bigger, more urban the city (think San Diego or Phoenix), the bigger the boost in home prices walkability adds. Neighborhoods in cities with less dense populations like Julian, CA, or Maricopa, AZ, have the smallest boost in home prices from being walkable but still preferred by some home buyers on the decision time choosing a home.
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 or prefer to limit the use of an automobile.
The closer, the better when we are referring to the neighborhood’s “Walk Score,” which measures how close the homes were to amenities and homes within a quarter mile to one mile of the amenities earned the highest walk scores and had the highest values compared with similar homes with lower walk scores.
The walking also has important social benefits and having people walking around signals that an area is safe, friendly, convenient, lively, and interesting attracting buyers to that neighborhood.
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