PROPERTYSPARK ARTICLE

The Benefits of a Walkable Neighborhood on Real Estate Value and Health

Awareness of global climate change is growing among the next generations, and it is becoming a significant driving force in the real estate market. The focus is increasingly shifting to sustainability, and the demand now revolves around better quality of life. Walkable neighbourhoods are turning out to be a good response to the challenge posed by climate change.

Walkable neighbourhoods are planned, designed, and built in such a way that most places are accessible on foot. They usually feature a centre like a public place or a main street. The housing is located close to businesses. People can walk to schools, workplaces, markets, and parks. There are well-developed streets for pedestrians, bicycles, and transit.  These neighbourhoods actually promote walking and make it easier.

15-minute walkable neighbourhoods are being proposed and advocated by the governments of many countries. Walk Score has depicted and compared the walkability and reach of two real places effectively in the following way:

Sprawling suburb

With just a glance, it is obvious how many more places can be reached on foot in a short time in the walkable neighbourhood.

The demand and popularity of houses in a walkable neighbourhood are increasing. Walkable neighbourhoods are enticing the public with the following benefits:

Promotes a greener way of life:

In a study on traffic-related air pollution and health in Canada, it was found that deaths related to air pollution are 9 per cent higher than those from motor vehicle accidents. Transportation is one of the major causes of air pollution. Using your feet to move from one place to another means zero-pollution transportation.

In walkable neighbourhoods, since most of the requirements of the people can be met by walking a short distance, the need for motor vehicles is significantly reduced. This also means a corresponding decrease in air and noise pollution in the area. Fewer emission of greenhouse gases is one of the main objectives of a green and sustainable way of life. If you are looking at reducing your CARbon footprint, you have to minimise the car part of it and walkable neighbourhoods help you do so. In short, walkable neighbourhoods are good for the environment.

Better for your health:

In a walkable neighbourhood, you can walk to work, learn, relax, entertain or even shop. Walking will become a part of your daily routine without any special effort or scheduling. With regular walking, it is possible to reduce the risk of pulmonary and heart diseases. Walking will also help in combating the problem of obesity.

Since parks and designated pedestrian-safe areas are easy to access in a walkable neighbourhood, you can perform some exercises like walking lunges outdoors.

Walkable neighbourhoods also nurture the local communities, making them more close-knit. It is easier for the members of the community to get together, share some meals, destress and relax. The bonds that are formed and the friendly communication are great for the mental health and well-being of residents in the area.

Supports economic development:

Walkable neighbourhoods appeal to tourists because of the cluster of amenities and the serenity. They are drawn to such places and spend their money shopping in the local markets. This is beneficial for the economic development of the neighbourhood. The prosperity attracts other businesses.

For the local people, being able to reach most places on foot means less expenditure on gas. It also helps in saving on other expenses like car maintenance. These reduced expenses translate to higher savings and disposable income. The disposable income benefits the local shops through more purchases.

Increases the value of property

Since walkable neighbourhoods are becoming more alluring to families as well as businesses, the value of property in these areas is increasing. The higher the walkability score of a place, the higher is its value.