Houses in highly walkable neighborhoods sell for about $4,000 to $34,000 more

Houses in highly walkable neighborhoods sell for about $4,000 to $34,000 more than houses in places that offer just average levels of walkability, according to a study that Joe Cortright of Impresa Inc. conducted for CEOs for Cities. The study, “Walking the Walk: How Walkability Raises Housing Values in US Cities,” examined sales data for 94,000 housing units in 15 metro areas and correlated them with WalkScore ratings, which are based on the proximity of a housing unit to 13 different destinations.

“It’s clear that consumers assign a tangible value to the convenience factor of living in more walkable places with access to a variety of destinations,” Cortright said. The sales premiums were found to be greater in dense urban areas like Chicago and San Francisco than in less dense markets such as Tucson, Arizona, and Fresno, California. For the report, visit www.ceosforcities.org.