That's the conclusion of a new study published in the Journal of Sustainable Real Estate. Higher WalkScores also show a decrease in defaults, unless you're in a low-income area, which results in an increase in defaults.
New Urban Network takes a look at the study:
"The authors hypothesize that mortgage default could be positively affected by location efficiency because transportation costs decline in walkable locations. They add that transportation choice also could insulate borrowers from the affects of gasoline price spikes, such as those that occurred in 2008 and prior to the financial meltdown.
However, the superior perfomance of the underlying real estate could also explain the difference."
Thanks to Robert Steuteville
Read the full story: Location efficiency lowers mortgage defaults, researchers find
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Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
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