Pedestrian-Friendly Developments Offer More Than Just Safety

According to a study conducted by CEOs for Cities, houses in pedestrian-friendly neighborhoods with superior walkability scores had significantly higher home values than others. Taking into consideration many of the factors that can influence home prices in a region, the study found that in 13 out of the 15 areas examined, a higher walkability score correlated to an increase in housing values. In fact, the study further elaborated that for each point increase in walkability score, a neighborhood could see between a $700 and $3,000 increase in home value. The scoring for walkability ranges from 0 (car dependent) to 100 (most walkable) and is based off of a complex algorithm based on how many destinations are within a calculated walking distance.

"There are a number of trends that are reshaping the American Dream," said Carol Coletta, President and CEO of CEOs for Cities, "and the value home buyers now place on living close to more daily destinations is one of the most important. Now, planning, zoning, and development decisions have to catch up to consumers."

Transit Oriented Development, which aims at achieving high-density, mixed used development, has become a hot topic in the planning world. What was once to thought to save money at the pump may now save us in more ways than previously thought.

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