Walkability Impacts Home Purchase Decisions

The National Association of Realtors recently released a study that showed 56% of people surveyed are more concerned with the type of neighborhood they live in and the walking distance to amenities, rather than having a big house with all the bells and whistles. A “walk score” is more and more of an issue as people are tired of long commutes and having to drive everywhere.

Thanks to rising unemployment and soaring gas prices, people aren’t turning to the suburbs as much as they were 10 or 20 years ago. Home buyers are looking at variables outside of vaulted ceilings and granite countertops. Being in an area where they can walk to shops and restaurants, with good schools has become all-important. The difference shows up in the value of homes, too. A study by a non-profit agency recently revealed that home prices can increase by $4,000-$34,000, if in close proximity to shops, restaurants and good schools.

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