One of the hallmarks of great urban spaces is walkability–places with lots of destinations and points of interest in close proximity to one another, buzzing sidewalks, people to watch, interesting public spaces–all these are things that the experts and market surveys are telling us people want to have.
It’s all well and good to acknowledge walkability in the abstract, but to tough-minded economists (and to those with an interest in public policy) we really want to know, what’s it worth? How much, in dollar and cents terms, do people value walkable neighborhoods? Thanks to the researcher’s at RedFin, we have a new set of estimates of the economic value of walkability.
Read more: http://cityobservatory.org/the-economic-value-of-walkability-new-evidence/