Urbanism is value: Higher Walk Score means higher neighborhood home values
Thanks to a new report put out by CEO's For Cities, there's further statistical evidence for what New Urbanists have been saying for quite a while: people want to live in walkable urban environments, and are willing to pay a premium to do so if they have to.
CEO's for Cities used a hedonic regression to look at correlations between Walk Score and home values. What they found was that in 13 out of 15 metro areas studied, there was a significant increase in value for homes located in walkable neighborhoods. According to the study, "homes with above-average Walk Scores are worth between $4,000 – $34,000 more than similar but less walkable homes."
If the market indicates that good urbanism is in such high demand, why are we still building sprawl and neglecting city neighborhoods with potential for urban revitalization? Projects such as 2009 Charter Award Winner Columbia Heights indicate our capability as a society to continue to create places with lasting value. The evidence is mounting that building in this way is no longer just an option; it is an environmental, social, and economic imperative.
Image: Dollar effect on mean-priced home value for a Walk Score increase of 1. From the CEO's for Cities Report.
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