Surprise! Walkability Adds to a Home’s Value

• January 25, 2010

by Michele Lerner

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