The Unexpected Connections Between Home Value and Walkability
As the real estate market continues to be a hot topic, homebuyers are constantly on the lookout for the perfect balance of affordability and resale value. While factors such as location, square footage, and number of bedrooms have always been considered when determining a home’s value, recent studies have shown an unexpected factor that can impact home values: walkability.
The Connection Between Walkability and Home Value
Walkability, or the measure of how easily an area can be traversed by foot, has become increasingly important for homebuyers. In fact, according to a survey by the National Association of Realtors, 57% of buyers stated that walkability is a crucial factor when searching for a new home.
But what exactly makes an area walkable? It typically includes a combination of factors such as sidewalks, pedestrian-friendly intersections, well-maintained paths, and access to public transportation. Simply put, a walkable neighborhood allows residents to run errands, commute to work, and enjoy leisurely strolls without relying on a car.
The Impact of Walkability on Home Values
It may come as a surprise, but studies have shown that homes in walkable neighborhoods typically have higher property values. In a 2019 study by Redfin, homes in highly walkable areas had an average of $11,000 higher property values compared to homes in areas with low walkability.
But why exactly does walkability affect home values? One theory is that walkable neighborhoods tend to have more amenities and a greater sense of community, making it a desirable place to live. These amenities can include restaurants, cafes, parks, and other businesses that are easily accessible without needing a car.
The Millennial Factor
Another factor to consider is the influence of the millennial generation on the real estate market. As this group continues to enter the housing market, their preference for walkable neighborhoods has been widely documented. In fact, a survey by the National Association of Realtors found that 74% of millennials were willing to pay more for a home in a walkable area.
With this generation increasingly choosing to live in walkable neighborhoods, it’s no surprise that there is a correlation between walkability and home values. As more millennials enter the housing market, areas with high walkability are likely to continue experiencing a rise in home values.
The Unexpected Connection: Public Health
Aside from the influence on home values, there is another connection between walkability and housing that may not be immediately obvious: public health. Walkable neighborhoods encourage residents to be physically active, which has numerous health benefits such as reducing the risk of obesity, heart disease, and other chronic illnesses.
Furthermore, by promoting walkable neighborhoods, local governments are able to reduce the carbon footprint of their residents by encouraging walking instead of driving. This not only benefits the environment but also leads to a healthier community.
The Future of Home Values and Walkability
As the demand for walkable neighborhoods continues to grow, it’s safe to say that the future looks bright for these areas in terms of home values. According to a study by Realtor.com, homes in walkable neighborhoods are expected to continue experiencing higher values compared to those in less walkable areas.
However, it’s important to note that walkability is not the sole determinant of home values. Other factors such as location, housing inventory, and market trends all play a role in determining home prices. Nonetheless, it’s clear that walkability is a factor that homebuyers cannot ignore.
Conclusion
In the ever-evolving real estate market, it’s important for homebuyers to consider all factors that may impact the value of a home. Walkability, once considered a secondary factor, has now emerged as a crucial element in determining a property’s value. Whether it’s due to the demand for walkable neighborhoods among millennials, the positive impact on public health, or simply the added convenience of living in a walkable area, the unexpected connection between home value and walkability is a trend that is here to stay.
