How a Walk Score Rating Increases Real Estate Values
You already know that walking is good for your health. And you probably already know that neighborhoods with lots of foot traffic support a better quality of life for the people who live, work and play in those communities.
But do you know whether your home is rated as a “Walkers Paradise” or “Car Dependent”? Do you know how each of those ratings increases or decreases your home value?
Walk Score rates locations based on how walkable they are. They take into consideration walking distance from a specific address to services, art galleries and museums, clubs and nightspots, shopping, restaurants and delis, everything you need to live without a car.
So, What’s your Walk Score?
To take advantage of the information about a location’s walkability, just enter a street address on the Walk Score website. The site will populate a map of venues within walking distance on a map, and rate the walkability of the location. The Walk Score ratings are:
90-100 Walker’s Paradise – Daily errands do not require a car.
70-89 Very Walkable – Most errands can be accomplished on foot.
50-69 Somewhat Walkable – Some amenities within walking distance.
25-49 Car-Dependent – A few amenities within walking distance.
0-48 Car-Dependent – Almost all errands require a car.
According to Walk Score, the following characteristics make a community walkable:
•Walkable neighborhoods have a discernible center, whether it”s a shopping district, a main street, or a public space
•The neighborhood is compact enough for local businesses to flourish and for public transportation to run frequently
•Housing is provided for everyone who works in the neighborhood: young and old, singles and families, rich and poor
•Businesses and residences are located near each other
•There are plenty of parks and public spaces
•Schools and workplaces are close enough that most residents can walk from their homes
Pedestrian friendly communities are good investments. They benefit residents, local businesses and investors alike. Real estate experts believe that as communities become more walkable and livable, they simultaneously become more prosperous.
The financial impact of a higher Walk Score on property values can be substantial. According to a 2009 report by CEOs For Cities on “How Walkability Raises Home Prices in US Cities”, one point of Walk Score can raise the value of a home by as much as $5,260.
Walkability and Walk Score should become part of your home buying vocabulary.