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

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 $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
$24.00
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00