The Unexpected Connections Between Home Value and Walkability
Do you live in a walkable neighborhood? If so, you may not realize it, but you may be sitting on a goldmine. That’s because walkability has a significant impact on home values, and the correlation between the two might surprise you. In this article, we’ll explore the unexpected connections between home value and walkability, and how they can impact your real estate investment.
The Rise of Walkability
In today’s fast-paced world, convenience is key. And one of the most convenient things a neighborhood can offer is walkability. Walkable neighborhoods are designed to promote pedestrian activity, with sidewalks, crosswalks, and pedestrian-friendly streets. With the rise of urban areas and an increased focus on sustainability, walkability has become a top priority for many homebuyers.
The Benefits of Walkability
There are numerous benefits to living in a walkable neighborhood. First and foremost, it promotes a healthy lifestyle. Walking is a great form of exercise, and living in a walkable area makes it easy to incorporate it into your daily routine. Additionally, walkable neighborhoods are often located near amenities such as shops, restaurants, and parks, making it easy for residents to access these places without needing a car.
Walkable neighborhoods also tend to have a stronger sense of community. When people are out walking, they’re more likely to interact with their neighbors and get to know the people in their community. This can lead to a more tight-knit and safe neighborhood, where residents look out for one another.
The Impact on Home Values
It’s no secret that location is a crucial factor in determining home value. And walkability plays a significant role in location. In fact, a study by the National Association of Realtors found that houses located in walkable neighborhoods are more valuable than those in car-dependent areas. In cities across the US, homes located in walkable neighborhoods can cost up to 50% more than those in non-walkable areas.
The reason for this increase in home values is simple. Walkability adds convenience, desirability, and a better quality of life to a neighborhood, making it more attractive to potential homebuyers. Additionally, walkable neighborhoods tend to have more amenities and services nearby, which are appealing to buyers.
The Impact on Real Estate Investment
For real estate investors, understanding the connection between walkability and home values is crucial. Investing in a walkable neighborhood can mean higher returns and faster property appreciation. While homes in non-walkable areas may take longer to sell, those in walkable neighborhoods tend to fly off the market, making it easier for investors to recoup their investment quickly.
Furthermore, walkability has a lower risk of market fluctuations. As the demand for walkable neighborhoods continues to rise, these properties will hold their value better than those in non-walkable areas, which can be vulnerable to changes in the market.
Maximizing Walkability in Your Neighborhood
So, what can you do to increase the walkability of your neighborhood and potentially increase your home value? The good news is, it doesn’t require a complete overhaul of the neighborhood. Small changes can have a big impact, such as adding or improving sidewalks, installing crosswalks, or creating pedestrian-friendly pathways. You can also encourage local businesses to set up shop nearby to create more amenities in the area.
Final Thoughts
The unexpected connections between home value and walkability are undeniable. Realtors, investors, and homeowners alike should take note of the growing importance of walkability in today’s housing market. By understanding and maximizing the benefits of walkability, you can boost your property value and create a more desirable and livable neighborhood for all.
