What Does “Walkability” Say About Your Neighborhood?
by National Trust for Historic Preservation on September 8th, 2009Written by Erica Stewart
Given the dearth of positive real estate news as of late, I was happy to read the new report by Joseph Cortright for CEOs for Cities. The finding: homes that are located within walking distance to neighborhood amenities including shops, restaurants, schools, libraries and public transportation have higher property values.
In Cortright’s report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” he examined real estate data in 15 major markets and determined that in 13 of those markets, high levels of walkability were connected to higher home values. His methodology used Walk Score, which measures the proximity of amenities such as restaurants, parks, coffee shops, grocery stories, etc. to calculate “Walk Scores” for the 15 markets. A Walk Score of 100 is the most pedestrian-friendly while 0 is car heaven. Scores of 70 and above indicate high levels of walkability. Cortright found a one-point increase in a Walk Score correlated to an increase in home values from $700 to $3,000, depending on the density of the city being researched.
This finding, while not surprising, is welcome reassurance that my husband and I were of sound judgment when we pulled the trigger on buying our first home: a two bedroom condo in an uneven neighborhood just three blocks from DC’s subway system. Sure, the only building “perks” consisted of such essentials as a laundry room and trash service but to purchase a place that would always be located close to the Metro seemed to guarantee a strong re-sale value. That decision was made four years ago, and thanks to Obama’s homeowner assistance programs, we just refinanced. What isn’t so reassuring is that our property assessment revealed we have exactly zero equity in our home. But it is ours, and choosing that location has enabled us to leave the car home when running to the grocery store for a missing ingredient, or to CVS for a bigger band-aid when my daredevil son has collided with the coffee table in our “cozy” apartment.
On a more macro level, the report also adds another dimension to the National Trust for Historic Preservation’s sustainability message–that investing in older and historic neighborhoods, which are traditionally very walkable, makes sound environmental sense and economic sense.
What does your Walk Score tell you about your home’s value and your neighborhood? Visit Walk Score to find out.
Erica Stewart is the outreach coordinator for the National Trust for Historic Preservation’s Community Revitalization Program.
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September 10th, 2009 at 4:15 pm
Although I love the idea behind the walk score, I found that my neighborhood’s walk score was way off. The places on the map (used to calculate the score) were often grouped into the wrong category type (ie…mini mart considered a grocery store, Ace Mart Restaurant Supply is considered to be a restaurant) and many things on the map no longer exist while newer businesses were not included. I know my neighborhood’s walk score would be much higher if the data culled from Google maps was more accurate.