When looking for a new house, homebuyers are increasingly targeting walkable areas. Being physically active, spending less on public and personal transportation, and cultivating a sense of community are valued qualities offered by walkable neighborhoods. As millennials, focused on community engagement, enter the housing market, such traits are further prized.
Cities and towns are incentivized to have a high walkability score. Walk Score, a service that calculates a community's walkability, has shown that a home's walkability points can increase its property value by $500 to $3,000, The Washington Post reports.
A neighborhood’s walkability is the degree to which it has safe, designated areas for people to walk or bike to work, dining, shopping and entertainment venues. Walkable communities are often touted as being easier to get around and fostering a greater sense of community. A one-mile walk through a compact, walkable neighborhood takes residents past numerous businesses and shops. Comparatively, residents in sprawling, suburban neighborhoods would pass very few shops on a one-mile walk.
Advertisement
Related Stories
Smart Home
How Smart Technology Can Help Homes Sell Faster
Homebuyers are actively seeking out smart features to increase resale value
Affordability
How Much Must American Renters Earn to Afford Average Rental Prices?
US rents have increased 3.6% year-over-year, pushing the amount renters must earn to afford average rents to around $80K
Market Data + Trends
Survey Shows Confidence Drop in Multifamily Development in Q1 2024
Current sentiment has NAHB projecting that multifamily starts will decrease by 28% during 2024 as developer activity slows