What Happened
A new study by The Brookings Institution defines “walkable neighborhoods,” and outlines both the benefits to residents and the economic impact on the surrounding areas.
Key Elements
The report focused on Washington DC, but many of the elements pertain to communities of all sizes. Some takeaways from the executive summary include:
- Economics: More walkable places perform better economically. In other words, features that increase “walkability” also increase rents, whether they be residential, retail or office rents. Housing values increase as well.
- Housing: Residents in walkable areas have more to spend on housing. By spending less on transportation, residents can afford—and are willing to spend—more on housing.
- Affluence: Likewise, areas with poor walkability tend to be less affluent and have lower educational achievement. Walkability equates to gentrification.
The report mentions that lenders, developers and investors should assess walkability when determining prospects for real estate investment. Additionally, government planners should build walkability into economic and strategic development plans. An outcome of the last recession was a much smaller decrease in home values in walkable areas vs. suburbs and exurbs. This is further proof of the value of amenity-rich, transit-accessible and walkable neighborhoods.
Action Items
An executive summary of the report is available from The Brookings Institution, as is the entire report (22-page PDF).
WalkScore is a very interesting service that measures walkability. The Web site, which counts Brookings as an advisor, evaluates neighborhoods using an algorithm that includes proximity to supermarkets, restaurants and other amenities.
Smart Growth America is another resources with tools and forums for “walkable-minded” people seeking positive change for communities.