In today’s economy gas prices are higher than they have ever been, so naturally we are all trying to cut down on unnecessary driving. If you live in walking distance to stores, restaurants and attractions, not only will it cut down on gas usage, it will help you get some exercise and raise your property value.
According to a study sponsored by CEOs for Cities two years ago, the findings were that homes and neighborhoods with amenities within walking distance were more valuable than homes that required driving. This is especially applicable in highly populated cities, such as Miami or Chicago. The study found that walkability raised home values anywhere from $4,000 to $34,000 depending on the town or city! Less populated areas still gain from this, but not as much because it is so expensive to have a car in a major city.
The results found that homes within one quarter mile of shops, schools, parks and other amenities earned the highest score. It creates a feeling of community, socialization and comfort by knowing that you can just walk down the street to get a cup of coffee or lunch.