Source: Smart Growth America
The most valuable real estate today is in walkable urban locations – and that’s a stark change from only a decade ago.
That is one of the principal findings of a new report from the Brookings Institution. Walk this Way:The Economic Promise of Walkable Places in Metropolitan Washington, D.C. is an economic analysis of the neighborhoods in and surrounding our nation’s capital.
“Emerging evidence points to a preference for mixed-use, compact, amenity-rich, transit-accessible neighborhoods or walkable places,” the report explains, noting that consumer preferences have shifted and that demand for walkable housing is outpacing supply, thus contributing to higher property values.“A Life of Walking vs. Driving,” via the New York Times.
These popular neighborhoods are also economic powerhouses. Walkable neighborhoods perform better economically, perform better commercially, have higher housing values and had lower capitalization rates during the recent recession than their suburban counterparts, according to the report.