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<title>Fw: [article] CEOS for Cities and WalkScore release study on price
premiums in walkable neighborhoods</title>
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<p class=MsoNormal><span style='font-size:10.0pt'>The study link is<br>
<a
href="http://blog.walkscore.com/wp-content/uploads/2009/08/WalkingTheWalk_CEOsforCities.pdf">http://blog.walkscore.com/wp-content/uploads/2009/08/WalkingTheWalk_CEOsforCities.pdf</a><br>
<br>
<br>
<a href="http://www.grist.org/article/2009-08-18-pay-more-walkability/">http://www.grist.org/article/2009-08-18-pay-more-walkability/</a><br>
<br>
<br>
<br>
Would you pay more for walkability? Should
you? <br>
Posted 9:51 AM on 18 Aug
2009 <br>
by Katharine
Wroth <br>
<br>
<br>
Forget letting your fingers do the walking: A study released today shows
that homebuyers are letting their wallets do <br>
the walking, paying more for homes in neighborhoods where you can get
around without
wheels. <br>
Conducted by CEOs for Cities, the analysis looked at 94,000 real-estate
transaction in 15 markets across the U.S., <br>
from Fresno, Calif., to Arlington, Va. Researchers found that in 13 of
the markets, housing values were higher in more<br>
walkable neighborhoods. (What about the other two markets? In
Bakersfield, Calif., no correlation was found; in the <br>
other, which starts with Las Vegas and rhymes with Armageddon, housing
values were lower in walkable neighborhoods.) <br>
Using data from Walk Score, the study found that houses in hoods with
above average walkability commanded $4,000 to <br>
$34,000 more than those in hoods with average walkability. Characterized
as the first to put a dollar value
on <br>
walkability, the study could be big news for municipal leaders and mere
mortals alike, said CEOs for Cities head Carol<br>
Coletta: “These findings ... tell us that if urban leaders are
intentional about developing and redeveloping their <br>
cities to make them more walkable, it will not only enhance the local
tax base but will also contribute to individual <br>
wealth by increasing the value of what is, for most people, their
biggest
asset.” <br>
But wait, you’re saying (as one staffer did at our news meeting this
morning): Couldn’t this connection just be due to<br>
the fact that walkable areas tend to be metro areas, and that makes them
more expensive in general? The smarties <br>
behind the study are all over
that: <br>
Using an economic technique called hedonic
regression, we estimate how much market value homebuyers
implicitly <br>
attach to houses with higher Walk Scores
... Our statistical approach controlled for key characteristics
of <br>
individual housing units (their size,
number of bedrooms and bathrooms, age and other factors), as well as
for <br>
the neighborhoods in which they were
located (including the neighborhood’s income level, proximity to the
urban <br>
center and relative accessibility to
employment opportunities). After controlling for all of these other
factors <br>
that are known to influence housing value,
our study showed a positive correlation between walkability
and <br>
housing prices in 13 of the 15 housing
markets we
studied.” <br>
They had me at hedonic
regression. <br>
For me, the question is: Should we have to pay more for the privilege of
being able to walk to a grocery store or <br>
school or post office or local pub? Walking—which the study terms a
“largely unmeasured and grossly under appreciated <br>
component of the urban transportation system”—is good for our health and
good for the planet, not to mention good for <br>
things like car-insurance premiums. Should such a set-up be available
only to those who can afford it? Our old friend <br>
Clark Williams-Derry over at Sightline offers this
take: <br>
What the CEOs for Cities study shows is
that there is a real and measurable pent up demand for homes in walkable <br>
neighborhoods. For decades, sprawl
apologists have argued that low-density suburban development was
somehow <br>
“natural,” because it’s what homebuyers “prefer.”
By now, though, it’s clear that many homebuyers are willing to <br>
pay a premium for walkability. The real
problem is that the demand for walkable homes exceeds the
supply—which <br>
pushes up the
price. <br>
To me, that argues for policies that are
designed to increase the supply of homes in walkable
neighborhoods. <br>
That’s good for affordability, good for
reducing transportation costs, and a great way to help more people
add <br>
walking to their daily
routines. <br>
<br>
<br>
<br>
<br>
<br>
***********<br>
Megan M. Susman<br>
U.S. Environmental Protection Agency<br>
Office of Policy, Economics and Innovation<br>
Mail Code 1807T<br>
1200 Pennsylvania Avenue, NW<br>
Washington, DC 20460<br>
Phone: 202-566-2861<br>
Fax: 202-566-2868<br>
Email: susman.megan@epa.gov<br>
------------------------------<br>
Development, Community & Environment Division:<br>
<a href="http://www.epa.gov/smartgrowth">http://www.epa.gov/smartgrowth</a><br>
A partner in the Smart Growth Network: <a href="http://www.smartgrowth.org/">http://www.smartgrowth.org</a></span><o:p></o:p></p>
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