Studies show link in nearby amenities, property values
Homes located within walking distance of amenities such as schools, parks and shopping aren’t only more convenient for their owners, often they’re also worth more than homes in neighborhoods where driving is the rule, according to a new study released Tuesday.
The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets, higher levels of “walkability” were directly linked to higher home values.
The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” was commissioned by CEOs for Cities, a national network of urban leaders from the civic, business, academic and philanthropic sectors.
It’s an important point for home-buyers who are trying to identify which homes will hold their value, said Joseph Cortright, the report’s author and a senior policy adviser to CEOs for Cities. Cortright is an economist and president of Impresa, a Portland, Ore.-based consulting firm.
Walkable places have some of the best chances of performing well in years ahead, he said.
Read Amy Hoak’s full article “Walk appeal” in MarketWatch (August 18, 2009).