When looking for a new house, homebuyers are increasingly targeting walkable areas. Being physically active, spending less on public and personal transportation, and cultivating a sense of community are valued qualities offered by walkable neighborhoods. As millennials, focused on community engagement, enter the housing market, such traits are further prized.
Cities and towns are incentivized to have a high walkability score. Walk Score, a service that calculates a community's walkability, has shown that a home's walkability points can increase its property value by $500 to $3,000, The Washington Post reports.
A neighborhood’s walkability is the degree to which it has safe, designated areas for people to walk or bike to work, dining, shopping and entertainment venues. Walkable communities are often touted as being easier to get around and fostering a greater sense of community. A one-mile walk through a compact, walkable neighborhood takes residents past numerous businesses and shops. Comparatively, residents in sprawling, suburban neighborhoods would pass very few shops on a one-mile walk.