 There are many things to love about New York City, and one particular perk that draws many residents here is its “walkability”. In fact, cities are given “walk scores” and New York ranked #2 in the country with a score of 88, right behind San Francisco which scored an 89.
- 0-24 – Car-Dependent. Nearly all errands require the use of a car.
- 25-49 – Car-Dependent. Most errands require the use of a car.
- 50-69 – Somewhat Walkable. It is possible to accomplish some errands on foot.
- 70-89 – Very Walkable. It is possible to accomplish most errands on foot.
- 90-100 – Walker’s Paradise. No car is required for daily errands.
So why is a walk score so important? There are a number of reasons … First, home buyers, particularly millennials, place a lot of value on a walkable city or town—and it isn’t just because gas prices are astronomically high at the moment. This has been the case for some time now as buyers today consider the health, environmental, social and economic benefits from walking as opposed to driving.
Another reason homeowners and buyers look at a walk score is because it can boost your home value. Walkable neighborhoods are important to buyers not only for the reasons listed above, but for convenience as well. New York City, especially Manhattan, as you can imagine is considered the “undisputed champion among walkers paradises” where residents can get almost anything they want within walking distance of their home or job.
I’ve touched on a number of amenities that buyers look for in past email communications, but walkability isn’t one of them and that’s because all New Yorkers have it right at their doorsteps. Walkability apparently is the “ultimate amenity” for luxury home buyers. According to Redfin, an increase in walk score from 79 to 80 could mean an increase of more than $7,000 in property value.
So if you didn’t know before, you know now that the walk score does help one’s property value. Do you know the current market value of your property? Contact me for a free property valuation.
|
|
