In a recent study conducted on behalf of CEOs for Cities, homes in more walkable neighborhoods fetch a bit more when it comes time to sell. Here’s a snippet from the 30-page report:

More than just a pleasant amenity, the walkability of cities translates directly into increases in home values. Homes located in more walkable neighborhoods—those with a mix of common daily shopping and social destinations within a short distance—command a price premium over otherwise similar homes in less walkable areas. Houses with the above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied.

Of course this comes as no surprise to Portlanders, but it is an especially familiar notion for folks who live on Portland’s waterfront. Owning a waterfront condo or townhome in neighborhoods like John’s Landing or Riverplace is rewarding not only because of the proximity to the Willamette River, but also because you can step out your door and walk to neighborhood shops, restaurants and other businesses.

Walkability is defined by the WalkScore algorithm, 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.

Here’s a link to the complete study in PDF form.