Higher Vacancy Rates in Walkable Neighborhoods
This post from Cubit Planning's Kristen Carney explores the numbers, which went against her own assumptions.
"I hypothesized that a socially redeeming characteristic of walkable neighborhoods would be a lower than average vacancy rate. More people buying property in walkable neighborhoods means more real estate taxes–which fund our public services. And haven't we all been reading articles about how Gen Y loves living in dense urban areas, and how 58 percent of American would prefer to live in a neighborhood where stores are within an easy walk?
Well, the Census 2010 data indicate that walkable neighborhoods have higher vacancy rates than their surrounding cities. Only Dupont Circle in DC and City Center East in Philadelphia have slightly lower vacancy rates than their surrounding cities. Every other walkable neighborhood had a higher vacancy rate than its surrounding city. Topping the chart is Core in San Diego with a vacancy rate of 24.6% while San Diego city has a vacancy rate of 6.4%."