Q. What are “walkability” scores?
A. CEOs For Cities, a national network of urban leaders, commissioned a study released in August 2009 that explored the relationship between home values and walkability in various U.S. metropolitan areas.
Walkability is defined by the Walk Score algorithm, which calculates the closest amenities to a U.S. address. Scores range from 0 (car dependent) to 100 (most walkable).
The results showed that the walkability of cities translated into increased home values in 13 of the 15 housing markets studied. In the typical metropolitan area, a one-point increase in Walk Score was associated with an increase in value ranging from $700 to $3,000 depending on the market. The gains were larger in more dense, urban areas like Chicago and San Francisco and smaller in less dense markets like Tucson and Fresno.
Houses with above-average levels of walkability commanded a premium of about $4,000 to $34,000 over houses with average levels in the typical metropolitan area.
Walk Score is an approximation. It does not consider factors such as public transit, crime and topography. Lots of real estate agents, however, are adding the Walk Score to their listings. Go to walkscore.com to see your walkability number.
If you have any questions, or need capable and trustworthy representation, please call me at 206-226-0565.
Thursday, December 10, 2009
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