Walkable Neighborhoods Boost Property Values
August 31, 2009 by Elad Bushari · Leave a Comment
A new report by CEOs for Cities, a network of urban leaders, reveals that homes in walkable neighborhoods may be more valuable than homes in car-dependent ones.
The report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities,” found that in 13 of the 15 markets examined, higher levels of walkability, as determined by a walk score, were directly linked to higher home values. Walk scores are calculated based on a home’s proximity to community amenities, such as schools, retail shops, parks, libraries, banks and restaurants.
The study found that in a typical metro area, a one-point increase in a walk score could increase a home’s value by an average of $700 to $3,000, depending on the market. The gains were larger in denser, urban areas such as Boston, Cambridge, Chicago and San Francisco, and smaller in less dense areas like Tuscon, Ariz., and Fresno, Calif.
the Broker of Bushari Group Real Estate, a boutique luxury real estate firm specializing in the metro Boston area, Cambridge and Brookline. Elad believes in superb customer service and strives to exceed expectations at every opportunity. Elad was one of the top 30 brokers in the nation under 30 years old (Realtor Magazine, June 2009) and one of the top 25 Real Estate Agents in the metro Boston area in 2008 (according to MLS PIN). In his free time, Elad enjoys snowboarding, scuba diving and is an avid world traveler. Elad can be reached at (617) 529-7079.
