The New York Times recently ran a piece discussing how a neighborhood’s “walkability” correlates to higher home values. See Now Coveted: A Walkable, Convenient Place
According to the Brookings Institution study cited in the story, real estate values increase as neighborhoods become more walkable. How much do home values increase? As an example, in the Washington D.C. metro area each step up the walkability ladder [a five-step “ladder” of walkability, from least to most walkable] added nearly $82 per square foot to home values.
Examples of other metro areas (Denver, Seattle, Columbus) where the correlation held true were mentioned. Obviously, it got me to wondering whether such a correlation exists in the Reno-Sparks area.
Unfortunately, I do not have the bandwidth at the moment to conduct such an analysis, but if any enterprising readers out there would like to look into this, I would love to see what you find.
One might begin by using a site such as WalkScore.com to obtain a walkability number (or Walk Score®) for various neighborhoods in the Reno-Sparks area. A Walk Score® is a number between 0 and 100 that measures the walkability of any address.
In the meantime, what are your thoughts on this study in regards to the Reno-Sparks real estate market? Does the “walkability” of a neighborhood add value in our area?