Half of millennials and baby boomers prefer walkable communities, and they are willing to pay a premium to live in a pedestrian-friendly community.
Redfin reported that the price of a home rose with every additional point on a scale of pedestrian friendliness. Nationally, one Walk Score point can increase the price of a home by just about one percent. In Washington DC that translates into an increase in price of $4,386 or 1.22 percent for every point of walkability. In Washington DC, changing a Walk Score of 60 to a Walk Score of 80 generates a $133,000 premium for the average house.
The Redfin study noted that “fewer than 2 percent of active listings are considered a walker’s paradise (Walk Score of 90 and above). Yet 56 percent of millennials and 46 percent of boomers prefer walkable communities with a range of housing amidst local businesses and public services. And like everything rare and desirable, walkability comes at a premium; homes highly “walkable” to amenities, everything else being equal, are more expensive than comparable homes in less “walkable” areas.”
Let’s fulfill the promise of pedestrian-friendly Pike District!
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