The Unexpected Connections Between Home Value and Walkability
When it comes to buying a home, location is key. Factors like school district, crime rate and access to amenities have long been considered when determining the value of a property. However, one aspect that has gained increasing attention in recent years is its walkability. Walkability is the measure of how easily one can walk to nearby establishments, such as parks, restaurants, and grocery stores. While not an obvious factor, there is a strong correlation between home value and walkability. In fact, the unexpected connections between these two may surprise you. Let’s delve deeper into the relationship between home value and walkability.
Walkability as a Part of the Home Value Equation
As homebuyers become more conscious of their health and the environment, the demand for walkable neighborhoods has risen. In fact, according to a recent survey by the National Association of Realtors, 62% of respondents said that living in a walkable neighborhood was either important or very important to them. This has translated to higher prices for homes located in walkable areas. According to a study by Redfin, homes in highly walkable neighborhoods can be worth up to $29,000 more than those in non-walkable areas.
This higher value can be attributed to the convenience and accessibility that walkable neighborhoods offer. With daily necessities and entertainment within walking distance, residents can save time and money on transportation costs. This is especially appealing in areas with high levels of traffic congestion or limited parking options.
The Impact of Walkability on Local Businesses
Aside from the benefits to homeowners, walkability also has a positive impact on local businesses. When people choose to live in a walkable neighborhood, they are more likely to support small, local businesses. This is because they are within easy reach of these establishments, making them more likely to frequent them over big-box retailers. This increased patronage can help boost the local economy and drive up property values.
Additionally, with more foot traffic in the area, businesses are motivated to maintain the appearance of their storefronts, making the neighborhood more aesthetically pleasing. This creates a more desirable environment for prospective buyers, further increasing the value of homes in the area.
Walkability and Quality of Life
In addition to financial considerations, walkability also plays a role in the overall quality of life for residents. In walkable neighborhoods, residents have more opportunities for exercise, social interaction, and a sense of community. Being able to walk to nearby parks and public spaces can improve mental and physical well-being. This can also lead to a stronger sense of belonging and connection within the community, which is appealing to many homebuyers.
What’s more, walkable neighborhoods often have lower rates of crime, as there are more people out and about, making it a safer place to live. This perception of safety can also increase the value of homes in the area.
The Future of Walkability
As cities continue to grow and urbanization becomes more prevalent, the demand for walkable neighborhoods is only expected to increase. In fact, according to a study by Smart Growth America, homes in walkable neighborhoods have appreciated 125% more than properties in car-dependent areas over the past decade.
Additionally, as more people strive for a sustainable and healthier lifestyle, the demand for walkable communities that promote alternative modes of transportation, such as walking and biking, will continue to rise.
Conclusion
It’s clear that walkability is an important factor in the home value equation. Its impact on convenience, local businesses, quality of life, and future growth make it a desirable feature for homebuyers. As cities continue to develop, we can expect to see an even stronger correlation between walkability and home value. So, the next time you’re house hunting, don’t forget to consider the unexpected connections between walkability and home value. It may just lead you to your dream home in a walkable neighborhood.
