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
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