Key Highlights
- Homes in walk-able neighborhoods sell for an average of +23.5% or $77, 668 when compared with non-walk-able neighborhoods, according to Redfin
- 25% of neighborhoods have Walkability Scores of 50-100
- 4% of neighborhoods have Walkability Scores of 90+
Walkability is now considered to be a hot commodity when it comes to living in a neighborhood that is not car dependent. Home prices in walk-able neighborhoods nationwide generate home prices that are nearly 25% higher when compared to home prices in non-walk-able neighborhoods, according to a new study just released by Redfin.
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Redfin found 16 US metros and two Canadian cities with Walkability Score rankings between 50-100. (Toronto and Vancouver had 89% and 96% respectively of its neighborhoods considered to be walk-able. Only Chicago at 46% and Los Angeles at 52% of their respective neighborhoods even came close to Canada’s paradise of walkability.)
Daryl Fairweather, the chief economist for Redfin, said that affordable properties are the most in demand and experience the most price growth but that, unfortunately, “…homes in less walk-able neighborhoods often fall into this category. There just aren’t as many people who can afford walk-able neighborhoods.”
Boston, however, was an outlier in this Redfin study. According to April Itano, a Redfin Boston team manager, “Boston is very flat and one of the most walk-able cities around. Parking can be difficult so people often prefer to live near public transportation and our public transportation is great compared to other cities. It’s pretty easy to get by without a vehicle if you live downtown.”
Homeowners in walk-able neighborhoods in Boston saw premiums of +29% or $140,724.
Here are some of Redfin’s walk-able neighborhoods within some of US metros:
City Premium % of Walk-able Neighborhoods
Atlanta 30.2%/$74,741 11%
Boston 29%/$140,724 37%
Houston 16.9%/$39,703 17%
San Diego 10.5%/$60,225 29%
Tampa 18.1%/$41,604 20%
Chicago 8.5%/$21,716 46%
Los Angeles 5.8%/$34,583 52%
Thanks to Redfin’s Lily Katz and HousingWire’s Julia Falcon for source data.
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