Kaid Benfield Archive


How walkable neighborhoods increase home values, illustrated

Kaid Benfield

Posted December 17, 2009 at 1:50PM

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Home values in walkable neighborhoods are measurably higher than those that are not, even when other relevant factors are controlled in the analysis. 

Below is an illuminating slide show on the subject that was presented by economist Joe Cortright at a transportation colloquium recently hosted by the Congress for the New Urbanism in Portland.  Some key points from the presentation:

  • “Walkability” is not just about sidewalks.  Are there places you can walk to?
  • Examining data from 98,000 home sales in 15 metropolitan areas, and controlling for other relevant factors, each increase of one point on Walk Score’s walkability scale raises home values by $700 to $3000.
  • In Charlotte, the increase in value was $1,986 for each Walk Score point.
  • Improving walkability raises home values by $10-30,000.
  • Because mixed-use development produces big gains in walkability, the findings are evidence of a strong market for mixed-use neighborhoods.

I have to admit that the slide show was a little clunky on my computer (and there is no narration), but it is manageably short (24 slides) and well illustrated.  Enjoy:

Walking the Walk: How Walkability Increases Home Prices in U.S. Cities