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Sign into your accountQuantifying The Value of Walkability and Public Transit
July 10 2013
Here at Walk Score we see the headlines that the housing market is recovering, interest rates are low and construction is on the rise, but still there is uncertainty in the macro dynamics of the real-estate market post 2007 real estate bubble.
In recent months, leading academics, consulting firms and real estate associations have touted the financial benefits of buying and living in walkable cities. While the Walk Score team prepares for Inman's Real Estate Connect conference this week, we wanted to share some recent research quantifying the financial value of walkability, access to public transit and shorter commutes.
The American Public Transportation Association, in partnership with the National Association of REALTORS®, recently published a study titled The New Real Estate Mantra that identified "a premium associated with walkability in the form of an increase in office, residential and retail rents, retail revenues, and for-sale residential values. The recession increased the premium for retail and office space in walkable urban neighborhoods; pre-recession (defined as 2000-07) there was ?a 23 percent premium per square foot valuation, during the recession (2008-10) it jumped to 44 percent."
Percent change in average residential sales prices close to public transit vs. not close to public transit (2006-11). Source: American Public Transportation Association.