Homes In Walkable Neighborhoods Sell For More
Choosing a home to buy means considering everything from whether the roof is in good condition to whether the neighborhood fits your needs and lifestyle. And, since you're unlikely to find a home that checks every box on your wishlist, you have to prioritize. Are good schools worth sacrificing the big backyard you've always wanted? Can you stand a longer commute in order to live closer to family and friends? In short, you've got to make choices about what's most important to you. One factor that seems to be a priority for today's buyers is walkability. In fact, according to one recent analysis, home buyers are willing to pay nearly 25 percent more for a home that is within walking distance to amenities like shopping, entertainment, and recreation. That works out to nearly $80,000 more than a similar home in a more car-dependent neighborhood. But, while home buyers are clearly interested in living in neighborhoods close to the things they need, the premium they're willing to pay has fallen over the past few years. In fact, since 2016, the premium buyers pay for homes in walkable neighborhoods has declined by 2.3 percent.