Picking a Place of Your Own? Invest in a Walkable Town

Walkable towns are increasingly popular. They’re good for local business, and they tend to attract talented people. They have better air quality, naturally. They tend to be more inclusive. They have something to offer all generations: seniors who don’t drive, young families with strollers, and people with mobility limits.  

The Allure of Walkability

According to the National Association of REALTORS® (NAR):

• The allure of walkability has risen dramatically since the pandemic. This trend never slowed down. Mentions of walkability doubled in sellers’ listings over the past year.

• Nine out of ten home buyers under age 45 would pay more for a deed that promises walkability. Young families are attracted to places where they can easily meet other local singles, couples, and families.

• Seven out of ten boomer buyers would pay more for a deed that promises walkability. Boomers generally aspire to stay active. When they can no longer drive, walkability becomes an especially prized amenity.

• More than half of people in their late 70s and older will pay more for a home where they can live car-free.

Part of a deed’s value in today’s market is, very clearly, a connection to all that makes life complete. Plus, paying more for walkability is offset by the reduced need to rely on cars. Unsurprisingly, people in walkable towns spend less on transportation.

Is the 15-Minute City the Future of Home?

The 15-minute city is hot. This is the kind of place where most needs can be met with a 15-minute walk. The idea is that longer trips should be something we choose to make. But driving is not necessary to get our everyday errands done.

Advantages of the 15-minute city? The concept works well with affordability goals, climate-conscious policies, effective transit systems, and public health. It has caught on internationally since Paris debuted its 15-Minute City ideal. In the U.S., it’s reflected in Portland’s 20-Minute Neighborhood concept.

Suburbs now strive to emulate cities in this regard—but with a gentler pace of living. When they do, property values tend to be higher and fetch better returns, as compared to homes in car-dependent areas. And so, the cravings for walkability signal a new take on affluence. Buyers in their 30s and 40s are more community-oriented today than they are privacy-oriented—signifying a generational shift.

This has interested planners ever since the debut of Culdesac Tempe. Built on purpose in Arizona, it became the first U.S. town to go car-free. Culdesac Tempe is home to hundreds of households, on 17 acres of walkable space. It offers everything people need, locally. Residents can make use of the ample bike spots for scooters and eBikes. There are ride shares for longer trips.

Some designers say this kind of planning is more than a good investment. It’s the future of home.

Elements That Make Up Real Walkability

Ideally, here’s what you’ll find in a town where walkability matters:

• A concentrated offering of restaurants, shops, and small, local businesses with appealing storefronts. Maybe there are sidewalk tables, or market stalls. A great example comes from San Francisco, which was rezoned to encourage al fresco dining, and shopping outside and between stores. This design makes streets attractive. And it supports a local economy.

• Drug stores, medical and dental offices, and key public services.

• Access to good, nourishing food. Los Angeles is a trend setter. It adopted a goal for all people of modest incomes to live no more than a half-mile from fresh food.

• Natural lands within walking distance from home.

• A diverse population with pedestrian access to schools and libraries.

• An array of affordable places to live. Setting an example is Portland, Oregon, where zoning has been updated to accommodate up to four homes on residential plots, while retiring rules that set car park minimums.

• Short distances from street to street. Pathways matter, too. Look into the location, ease, and safety of walking and cycling paths.

Walkability increases financial value, but a town or city need not be wealthy to promote it. Empty car lots can become community gardens. School yards and sprawling asphalt can become meadows. The local township can make this happen through its zoning authority. This does not just add value to outdoor space. It also serves to reduce storm runoff. Tiny forests can make towns cooler and more beautiful.

Another helpful trend in city planning allows common space to become useful in a variety of ways. Imagine school yards as Saturday farmers’ markets. Or libraries that host outdoor plays in the evenings. A town that welcomes such ideas is able to modify its standards, and might even help equip the spaces to handle the additional uses.

Quality of Life: Unwritten Feature of a Deed

Mental health depends, to some extent, on what’s going on in our physical surroundings.

There’s a field of research that explores the effects of city planning on residents’ emotional and mental health. A frequent theme in the results? Reducing car-dependence supports the way we feel about our lives. Walkable towns aren’t just economically viable and environmentally sustainable. They also support our physical and emotional well-being.

The Massachusetts Institute of Technology has a Senseable City Lab. Its mission: to help towns “become active participants in their transformation, aiming at targeted solutions for a more sustainable and inclusive future.” Researchers at the Lab find more friendliness—interaction, shared projects—in towns where the residents walk. 

Tall buildings are associated with just the opposite effect. But they can be designed to be easier on the eye—and mind. One design trend brings greenery to the balconies, and parks onto the roofs. Humans are calmed by gardens and greenery. It’s in our DNA.

This tracks with NAR’s findings. The National Association of REALTORS® says people are more likely to thrive when their homes are in walkable areas with ample green space. These residents report higher degrees of happiness than those in car-dependent settings. They get a sense of enjoyment from walking out for a coffee or workout, or a casual get-together. Easy access to daily destinations boosts their quality of life.

Our Takeaways

If you’re selling, get the most for your deed by using your listing description to flaunt whatever is walking distance. Mention cycle paths, parks, and natural gardens. Keep in mind that some of your potential buyers might not own cars.

If you’re buying, make the most of your investment by considering walkability as an important aspect of the homes you consider. The joy of getting around without a car is one feature that’s here to stay.