Millennials Have Put a Premium on Walkability
One of the basic tenets of the Starter Home 2.0 project from its beginning has been to only develop properties in walkable neighborhoods. Having lived in both walkable and unwalkable places, I am a strong believer that the physical, social, economic and environmental benefits associated with living in a walkable location greatly enhance the overall quality of life for both individuals and families, and it looks like the market is starting to recognize this as well. A recent article on Planitezen's website, titled 'Demand for Walkable Neighborhoods Outstripping Supply' describes how both Millennials and an aging Baby Boomer population have put a premium on "the hottest trend in real estate": walkability. The article elaborates on this point, stating:
The Planitezen article references a more comprehensive piece written by F. Kaid Benfield, titled 'We Want More Walkable Neighborhoods -- but Can Our Communities Deliver?', which is also worth checking out for those interested in the topic.That while most cities across the United States have areas that can be considered 'walkable', there aren’t enough to meet demand. And, because their supply is limited, prices for walkable locations are sky-high. Research has shown that each one-point increase in a home's Walk Score (a 100-point scale measuring an address's accessibility to walkable destinations) is associated with a $700 to $3000 increase in its value compared to less walkable homes of comparable size.