Study Finds Walkable Neighborhoods Command Price Premiums

A new study says that homes located in more walkable neighborhoods command a price premium over similar homes in less walkable areas.

The study, “Walking the Walk: How Walkability Raises Home Values in U.S. Cities” was commissioned by CEOs for Cities and conducted by Joe Cortright using data from Walk Score and ZipRealty.

Key findings include:

• In 13 out of 15 metro areas (sales data provided by ZipRealty), higher levels of walkability were directly linked to higher home values.
• In the typical metropolitan area, a one point increase in Walk Score was associated with an increase in value ranging from $500 to $3,000. Gains were larger in denser, urban areas and smaller in less dense markets.
• In the typical areas studied, the premium commanded for neighborhoods with above-average Walk Scores ranged from $4,000 to $34,000.

The complete study is available here: Walking the Walk: How Walkability Raises Home Values in U.S. Cities