Surprise! Walkability Adds to a Home’s Value

  • January 25, 2010

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

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!