Although the real estate market has been slow to regain momentum, some homeowners are finding that their location is increasing their home’s values. In a study completed by CEOs for Cities, homeowners say they are learning the benefits of more-walkable neighborhoods.

The report, Walking the Walk: How Walkability Raises Housing Values in U.S. Cities by Joseph Cortright, analyzed data from 94,000 real estate transactions in 15 major marketsand found that in 13 of the 15 markets, higher levels of walkability were directly linked to higher home values.

“Even in a turbulent economy, we know that walkability adds value to residential property just as additional square footage, bedrooms, bathrooms and other amenities do,” said Cortright. “It’s clear that consumers assign a tangible value to the convenience factor of living in more walkable places with access to a variety of destinations.”

Walkability is defined by the Walk Score algorithm (www.walkscore.com), which works by calculating the closest amenities – restaurants, coffee shops, schools, parks, stores, libraries, etc. – to any U.S. address. The algorithm then assigns a “Walk Score” from 0-100, with 100 being the most walkable and 0 being totally car-dependent. Walk Scores of 70+ indicate neighborhoods where it’s possible to get by without a car.

The study included 15 metropolitan areas, finding a statistically significant positive relationship between walkability and home values in 13 areas: Arlington, Virginia; Austin, Texas; Charlotte, North Carolina; Chicago, Illinois; Dallas, Texas; Fresno, California; Jacksonville, Florida; Phoenix, Arizona; Sacramento, California; San Francisco, California; Seattle, Washington; Stockton, California, and Tucson, Arizona.

To keep reading or to a download a full copy of the report visit CEOsforCities.