It's been drilled into our heads: LOCATION LOCATION LOCATION. A desirable location can add real value while living on a busy street, across from commercial buildings or noisy areas can greatly decrease the value of your home. But here's an interesting concept I came across: your "Walkability" score, or your home's proximity to desired amenities such as coffee houses, grocery shopping, cafes, schools, parks, libraries, etc.
A recent report, "Walking the Walk: How Walkability Raises Home Values in U.S. Cities," was put together from transaction data from Zip Realty and scored on the basis of your home's nearby amenities. The score ranges from 0 to 100 with 100 having the best score and anything over 70 indicating that it's possible to get around without a car.
The study was commissioned by CEO for Cities, a national group of civic leaders, businessmen, academics, and philanthropists.The report looked at 94,000 transactions in 15 cities, and found that in 13 of them, values increased in relation to their Walkability score. They found that a 1 point increase in score could lead to an increased home value of between $500 and $3000 while a better-than-average score could result in much larger increases.
The study showed one neighborhood, Ashley Park, North Carolina with a Walkability score of 54 having an average house price of $280,000 while nearby Wilmore, with a Walkability score of 71 had an average house price of $314,000.
On the North Shore, buyers often look for "walk-to" locations, particularly commuters wanting to be near the Metra stations. Clients who have bought near downtown Winnetka or Wilmette often tell me they love being able to walk into town for coffee, shopping or errands.
For my own home, I received a score of 66, or "somewhat walkable." Here are some other local statistics:
WINNETKA 
Average score: 58
Highest score: 77
WILMETTE
Average score: 68
Highest score: 92
KENILWORTH
Average score: 49
Highest score: 92
GLENCOE
Average score: 40
Highest score: 92
This theory of "Walkability" does not necessarily add another value factor, rather, it expands the location category and bestows more importance on it. Home buyers might want to consider more heavily in favor of nearby attractions - not just for the convenience factor, but also in terms of value.
Of course, there are other added benefits of keeping the car securely parked in the garage. Residents of cities with higher Walkability scores weighed an average of seven pounds less than residents of cities that ranked lower and had better transportation systems. More difficult to calculate is the effect of reduced fuel emissions and global warming.
You can check our your address and it's Walkability Score at Walk Score.
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