Since walkable communities are in demand among both Millennials and Baby Boomers, housing a short stroll away from local businesses and public services is more expensive than car-reliant neighborhoods.
A Redfin study found out just how much walkability is worth. The site reports that one Walk Score point can increase the price of a home by 0.9 percent, an average of $3,250.
The study looked at 14 U.S. metro areas and controlled for differences in property and neighborhood characteristics. Of course, the $3,250 figure isn’t a flat rate across the board. A jump from 19 to 20 Walk Score points, for instance, is worth only $181, but a rise from 79 to 80 can increase a home’s value by $7,031.
Also, some cities valued walkability more than others. In San Francisco, a change in Walk Score from 60 to 80 increased a comparable home’s value by $187,630. Under the same criteria in Phoenix, home prices only increased $16,000.