A city’s ‘walkability’ drives real estate values

    — Tuesday, 17 Jun 2014 | 1:09 PM ETCNBC.com, republished by Lilac Hills Ranch June 20, 2014

 



Car shares, bike shares, improved rapid transit and teleworking. All are the product of a new generation that is more environmentally conscious than any before it and more willing to use its own energy to get around town, rather than tapping expensive energy sources.

Millennials prefer urban cores, even ones outside of major metropolitan areas, because they want to be able to walk or bike to work and stores. In turn, areas that offer so-called walkability should see more home buyers and renters than those that don't.

“Cities that want to thrive in our new economic and demographic realities will need to find ways to create and support more of these dynamic, productive walkable districts that are in high demand,” said Geoff Anderson, CEO of Smart Growth America, which, in conjunction with George Washington University School of Business, released a new report ranking the walkability of the nation's 30 largest metropolitan areas.

There is, in fact, already a distinct correlation between walkability and real estate values, both commercial and residential.


 

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