The Unexpected Connections Between Home Value and Walkability
In today’s housing market, there are many factors that can affect the value of a home. From location and amenities to market trends and school systems, homebuyers consider a wide range of criteria when determining the worth of a property. However, one factor that is often overlooked but has a significant impact on home values is walkability.
The Meaning of Walkability
Walkability is a term that describes how easily and safely one can walk in a particular area. It takes into account the availability of sidewalks, crosswalks, and traffic signals, as well as the proximity to restaurants, grocery stores, parks, and other destinations. A higher walkability score indicates that it is easier and more convenient to get around on foot, making it desirable for residents who prefer an active and environmentally-friendly lifestyle. On the other hand, a lower walkability score may suggest that a car is necessary for daily errands and activities.
The Impact of Walkability on Home Values
Research shows that homes with a high walkability score tend to have higher property values compared to those with a lower score. In fact, a study by the National Association of Realtors found that for every one-point increase in a property’s walkability score, the value increased by an average of $700. This is due to a variety of reasons that make walkability highly desirable for homebuyers.
Convenience and Quality of Life
Walkable neighborhoods offer a high level of convenience, allowing residents to run errands, go to work, or simply take a stroll without getting into a car. This can save time and money on transportation costs, making it an attractive option for homebuyers. Additionally, living in a walkable community can improve one’s quality of life by promoting physical activity and giving residents the opportunity to socialize with their neighbors. These factors contribute to a higher demand for homes in walkable areas, ultimately driving up their values.
Access to Amenities and Services
A high level of walkability also means having easy access to a variety of amenities and services. This includes grocery stores, restaurants, coffee shops, parks, and recreational facilities. These destinations are not only convenient for residents but also add value to the overall neighborhood. Having these amenities within walking distance is especially appealing for homebuyers who prioritize a car-free lifestyle and want to live in a self-sufficient community.
Environmental and Health Benefits
Walkability is essential for creating a sustainable and healthier community. By reducing the number of cars on the road, walkable neighborhoods help to decrease air pollution and carbon emissions. This, in turn, can improve the air quality and contribute to the overall health of residents. Additionally, living in a walkable community can encourage walking and other forms of physical activity, leading to better mental and physical health outcomes.
The Walkability Factor in Real Estate
As more and more homebuyers prioritize walkability in their search for a new home, real estate agents and developers take notice. Many new housing developments are designed to be walkable, with a mix of residential and commercial spaces and pedestrian-friendly infrastructure. This not only caters to the increasing demand for walkable neighborhoods but also boosts the value of the homes and makes them more attractive to potential buyers.
Moreover, real estate agents often use walkability scores to market homes to potential buyers. Listings that highlight a high walkability score often generate more interest and can result in quicker sales and higher sale prices. This is especially true for millennials and Generation Z buyers, who place great importance on walkability and may be willing to pay more for it.
The Bottom Line
Walkability is a key factor that has a significant impact on home values. As more people seek out urban, pedestrian-friendly lifestyles, homes in walkable neighborhoods become highly desirable and command a premium price. Homebuyers can benefit from considering walkability as a factor when searching for their next home, and real estate professionals should take note of this growing trend when working with clients.
In conclusion, the unexpected connection between home value and walkability cannot be ignored. It is a crucial factor that not only impacts the value of individual properties but also plays a crucial role in shaping the character and desirability of a neighborhood. As more cities and communities prioritize walkability in their development plans, it is clear that walkability is here to stay and will continue to have a significant impact on the real estate market.
