How does walkability affect property values?

What is walkability and why is it important for property values?

Walkability refers to how friendly an area is to walking. It's important for property values because neighborhoods with high walkability often attract more buyers, leading to higher property prices.

Can you give me examples of walkable neighborhoods?

Sure! Examples include New York City's Manhattan, San Francisco's Mission District, and Portland's Pearl District. These areas have amenities within walking distance, enhancing their appeal.

How does walkability impact home buyers' decisions?

Home buyers often prefer walkable neighborhoods because they offer convenience, access to public transport, and a vibrant community, making them more desirable.

Are there any studies that show the correlation between walkability and property values?

Yes, several studies indicate that properties in walkable areas can sell for 10-20% more than those in less walkable neighborhoods, highlighting the strong correlation.