It describes a new study showing that walkable urban neighborhoods have seen much higher increases in home values than have more car-centered suburban areas.
Walking isn’t just good for you. It has become an indicator of your socioeconomic status. Until the 1990s, exclusive suburban homes that were accessible only by car cost more, per square foot, than other kinds of American housing. Now, however, these suburbs have become overbuilt, and housing values have fallen. Today, the most valuable real estate lies in walkable urban locations…. Our research shows that real estate values increase as neighborhoods became more walkable, where everyday needs, including working, can be met by walking, transit or biking.
That bodes well for Melrose Village, which is one of the most walkable neighborhoods in the United States.
The commentary is by Christopher B. Leinberger, a professor at the George Washington University School of Business and a senior fellow at the Brookings Institution.
And keep on walking….