14 May Walkability — The Real Estate Trend That’s Here to Stay
The concerted effort to transform communities into culturally rich, walkable neighborhoods has inspired homeowners to move into urban areas. Even those who still prefer the suburban lifestyle are moving to more conveniently designed neighborhoods where they can walk or bike to centralized town centers.
Reducing time spent in the car allows people spend more time doing things they love. Not to mention, walking when possible is better for overall fitness. Compact neighborhoods also foster relationships and connectivity to the community, especially those that sponsor free events that provide opportunities to both socialize and be active outdoors.
Walkable neighborhoods also support the local economy, especially small businesses. A brisk walk around a one-mile radius exposes people to numerous restaurants and retailers. Convenience in this sense generates more foot traffic for local shops.
Personal finance even gets a boost as walkability increases. Safe roads and bike share programs mean fewer people have to drive to complete daily activities, which means they can save on gas and car maintenance. This results in more disposable income and healthier savings accounts which also has a positive impact on the local economy.
The higher a neighborhood’s walkability score climbs, the stronger real estate values hold.Homes across the nation have seen a $500-$3000 increase in value based on walkable proximity to dining, shops, nightlife and parks. And in an increasingly environment–conscious society with mounting concern about the negative impact of emissions, we’ll continue to see walkability drive the real estate market as more people find ways to reduce the amount they drive.
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