Walk This Way for Higher Home Values

October 6, 2009 | Leave a Comment

 

An interesting study of “walkability” of home values by Market Watch showed that homes located within walking distance of amenities such as schools, parks and shopping are more convenient to their owners. Studies also showed these homes are worth more than homes in neighborhoods where driving is the rule.thumbnailCAL8MPQG“The report looked at 94,000 real estate transactions in 15 markets. In 13 of those markets, higher levels of “walkability” were directly linked to higher home values.”

It’s an important point for homeowners who are trying to identify which homes will hold their value. Walkable places have some of the best chances of performing well in years ahead. 

There are both environmental and health benefits from living in a place where the car can stay parked. Walking rather than driving can play an important part in preventing global warming while helping promote healthy lifestyle. People who live in walkable areas weigh 7 pounds less on average, than those who don’t.

Potential buyers may now have in the back of their minds that gas prices may be higher than they are now which would make “walkability” even more attractive.  Making cities more “walkable” could enhance the local tax base and contribute to individual wealth by increasing the value of what is, for most people, their biggest asset-their home.

For more information on “walkability” see – www.realestate.msn.com


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