Browse
Log in / Register
Share
Homes in walkable neighborhoods command a significant price premium, with each point increase in Walk Score adding an average of $3,250 to a property's value. This analysis, based on over one million home sales, confirms that convenience and access to urban amenities are highly valued by homebuyers across the United States. For luxury properties, this premium can be even higher in absolute dollar terms. Understanding this value is critical for both buyers setting a budget and sellers pricing their homes competitively.
A Walk Score is a proprietary measure of a property's walkability to nearby amenities, such as schools, parks, shopping, and restaurants. Ranging from 0 (car-dependent) to 100 (walker’s paradise), the score is calculated based on the distance to these categories of locations. A higher score indicates that daily errands can be accomplished without a car. This metric has become a standard tool in real estate to quantify a location's convenience.
Our analysis of home sales between 2014 and 2016 across 14 major metropolitan areas revealed a clear trend: a one-point increase in Walk Score correlates with an average price increase of 0.9%, or approximately $3,250. However, this value is not linear. The premium accelerates dramatically as scores approach 100, reflecting the high demand and limited supply of homes in ultra-walkable areas.
For example, moving from a Walk Score of 79 to 80 resulted in a price jump of over $7,000 on average. In contrast, an increase from 19 to 20 only added about $181. The following table illustrates the average premium per point in select metro areas:
| Metro Area | Premium per Walk Score Point |
|---|---|
| San Francisco, CA | $7,866 |
| Chicago, IL | $4,242 |
| Atlanta, GA | $3,601 |
| Phoenix, AZ | $1,722 |
Yes, the financial impact of walkability differs substantially by location. The premium is most pronounced in dense, transit-oriented cities where walkability is a scarce resource. For instance, upgrading from a Walk Score of 60 to 80 in San Francisco increased a home's value by over $187,000. The same change in Phoenix added just $15,700. The price impact as a percentage of the median home price was 22 times greater in San Francisco than in Orange County, highlighting how local culture and infrastructure influence buyer priorities.
The data shows that for the top 5% of homes by price, a one-point Walk Score increase added an average of $6,800. While this is a higher dollar amount than the market average, it represents a smaller percentage (0.55%) of the luxury home's total price. In all metros except Orange County, luxury home buyers paid a higher absolute dollar premium for walkability. In some markets, luxury is defined by exclusivity and seclusion, which can conflict with a high Walk Score. Based on our experience assessment, buyers in these areas may prioritize private amenities over public ones.
For homeowners and potential sellers, a high Walk Score is a valuable asset that should be highlighted in listings. Emphasizing proximity to schools, parks, and shopping can justify a higher asking price.
For buyers, understanding this premium is essential for budgeting. A home with a Walk Score of 90 will likely be priced significantly higher than a similar home with a score of 70 in the same city. Weigh the potential savings from a less walkable location against the long-term convenience and potential for stronger property value appreciation.
Methodology Note: These estimates were derived using a hedonic regression model, a statistical technique that isolates the impact of one specific feature (like walkability) on home value by controlling for other variables such as property size, age, number of bedrooms, and neighborhood income levels.
