Looking for a bright spot in the housing market? CEOs for Cities just released a study based on data from Walk Score and ZipRealty that shows one point of Walk Score is worth as much as $3,000 depending on the metro area. Read the study.
Upset about your home’s value? The good news is that you, your neighbors, and government can work together to make your neighborhood more walkable—and a higher Walk Score makes your home worth more.
Here’s the value of one point of Walk Score by city:
In 13 out of 15 metro areas, higher Walk Scores are directly linked to higher home values. Homes with above-average Walk Scores are worth between $4,000 – $34,000 more than similar but less walkable homes.
So why do Las Vegas and Bakersfield have lower home prices with higher Walk Scores? My hunch is that those sprawling cities don’t have enough walkable neighborhoods to create a price premium. Also, in Las Vegas residents may actually pay more to be farther away from The Strip.
Read the research report and let us know what you think!