Walkability Boosts Value Post-Recession
The proximity to a city center combined with the walkability of its neighborhood increases the value of a home.
A study published last summer by C.E.O.’s for Cities examined sales of 90,000 properties in 15 markets and concluded that homes in neighborhoods with above-average walkability in cities like Charlotte, N.C., Sacramento, and San Francisco commanded as much as a $30,000 premium.
Measure a neighborhood’s walkability at Walkscore.com.
Zillow.com’s Chief Economist Stan Humphries reached similar conclusions when he looked at concentric circles of major metropolitan areas. In almost all cases, walkable neighborhoods closer to the city center held their value better in the housing downturn. One anomaly is Detroit where fires, vandalism and crime have devastated neighborhoods near the city center.
But generally, closer and more walkable is always better, Humphries says. “If you are a rational actor trying to maximize your dollar, you may have to pay more,” he adds.
Source: The New York Times | Damon Darlin | January 09, 2010
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