Americans Pay More for Walkability

Preliminary results from a new study suggest that Americans are willing to pay about $850 more per Walk Score point when purchasing a home.

Emily Washington and Eli Dourado, the researchers behind the project, used revealed preference theory to uncover the extent to which walkability can inform a homebuyer’s choices.  Walkable homes come with a higher price tag, Washington writes, because they are in relatively scarce supply.  It follows that developers avoid building walkable housing not for financial reasons, but because of certain external regulations.

Washington says that research indicating Americans prefer single-family homes because there are more of them is built upon a false set of assumptions. “[L]ooking at the housing choices that Americans make while ignoring both regulations that limit the potential choice set and without considering the prices consumers pay is misleading, like saying Americans prefer Fords to BMWs because there are more of them on the road,” she explains.

Full Story: The Value of Walkability

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
$36.00
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95