Walkability is a term that has been popularized by Walk Score. Across the nation, apartment hunters are searching for residences in close proximity to schools, parks, shops and more. Just how valuable is walkability, though? How much more would a buyer be willing to pay for a home that is near his job or a popular plaza? Read on to learn.
According to surveys, Millennials and Baby Boomers like the idea of driving less and walking more. Millennials would much rather save gas and the environment by traveling on foot. Baby Boomers long to live in a house that lets them take a stroll to the local market instead of having to find a friend to drive them around town.
Homes that are near schools, parks and shops are not the only properties that can be classified as convenient. Houses in close proximity to transit stations are also considered mobile-friendly since it would be easy to catch a bus or train if you needed to leave the neighborhood.
Walk Score reports a steady increase in property values that are near schools and other convenient spots. Chicago and New York are perfect examples of house prices being influenced by surrounding businesses as the market shows more than 100 percent appreciation in suburban homes near central parts of the two cities. On the other hand, homes in certain rural areas of Chicago and New York have not doubled in value and are more difficult to sell since buyers must consider commute time in addition to other factors.
Research shows that walkability pays off even during financial crises. Home values plummeted during the Great Recession of 2009. Although many, if not all, homeowners took a hit, those proprietors who lived in walkable communities did not see their property values fall as much. Now, with the economy making a comeback, homeowners living in convenient neighborhoods are seeing their real estate investments surpass expected peak levels.
Regardless of whether you live in a walkable or rural neighborhood, Caymus Realty Solutions is here to help. We pay cash for houses and give fair market value for property for sale. Learn more about our services here.