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Surprise! Walkability Adds to a Home’s Value

by Michele Lerner

Surprise! Walkability Adds to a Home's Value: Figure 1
Downtown DC by Shay Thomason

City dwellers have long appreciated the value of living somewhere within walking distance of their favorite restaurant, bar, bookstore or coffee shop. And, not surprisingly, a property’s value correlates directly with its proximity to these establishments, an idea that a CEOs For Cities study quantified last year.

In late 2009, CEOs For Cities published a study that linked the scores calculated by WalkScore.com with home values. Walk Score is a website that calculates the “walkability” of every address in the United States. It assigns a score between 0 and 100 based on how close a home is to stores and services for everyday needs.

The study, Walking the Walk: How Walkability Raises Home Values in U.S. Cities, stated that home values are estimated to rise by $700 to $3,000 per Walk Score point. In the DC area, the study estimated that home values increase by $19,028 when the property is located in an area with a Walk Score north of 82.

Within the city, the most walkable neighborhoods include:

  • Dupont Circle (99)
  • Logan Circle (98)
  • Downtown (97)
  • Adams Morgan (97)
  • U Street Corridor (97)
  • Foggy Bottom (95)
  • Mount Vernon Square (95)
  • Kalorama (94)

It will likely come as no surprise that the neighborhoods mentioned above are all areas where home prices are at a premium, confirming that a location within walking distance of public transportation, services and city amenities adds appeal and therefore value to a home.

This article originally published at http://dc.urbanturf.com/articles/blog/surprise_walkability_adds_to_a_homes_value/1708

3 Comments

  1. Max said at 8:20 pm on Monday January 25, 2010:
    I can see how this would be the case. I don't believe the score that WalkScore provides factors in accessibility of public transportation though (only proximity to businesses and services). Having information on proximity to transportation routes(bus/rail/trail) would be interesting though probably hard to quantify.
  1. Matt said at 6:38 am on Tuesday January 26, 2010:
    To Max: WalkScore includes mass transit connectivity. Take a lap.
  1. Marg said at 2:55 pm on Tuesday January 26, 2010:
    Couldn't Max take just half a lap, since WalkScore didn't originally include transit info?

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