The One Feature Homebuyers Are Willing To Pay More For And Why

When it's time to sell your house, you'll likely focus your attention on sprucing up the kitchen or giving the walls a fresh coat of paint. These steps can undoubtedly make a good impression, but the most important feature people look for when buying a home is something money can't buy: walkability. According to a 2023 survey by the National Association of Realtors, homebuyers are willing to fork out more money for homes near parks, cafes, and shops, with a preference for properties within walking distance of such amenities.

Out of those surveyed, 77% of respondents said they'd be willing to pay more for a property in a walkable community. The study further broke down the results, revealing which generations most valued this feature. A whopping 92% of Gen-Z respondents and 85% of millennial respondents reported that they'd pay a little to a lot more money to be in a transit-oriented community. Many respondents in the Gen X, baby boomer, and silent generation also reported that walkability is one of the most important factors to identify before buying a home, though not to the same extent as Gen-Z and millennial respondents.

The benefits of walkable communities go beyond easy access to parks and shops; they can also boost physical and social health. Because residents rely less on cars to get around, they have a higher rate of physical activity compared to those in non-walkable areas. According to a study by the Endocrine Society, this can lead to lower rates of diabetes and obesity, providing tangible evidence of the benefits. And social health? That gets a boost, too. These communities often feature pedestrian-friendly design, encouraging community members to be active and fostering frequent social interactions. As an added bonus, these areas can also lead to more networking opportunities among workers. These benefits alone can be enough to attract higher-paying buyers to a walkable community.

Another perk of walkability is less reliance on personal vehicles, which can result in cost savings. Residents who don't want to purchase, maintain, store a car, or pay for auto insurance can walk or use community transportation to get to work or run errands, making these five best cities to live in if you don't have a car very attractive options. Plus, since walkable neighborhoods consistently command higher prices than less walkable areas, a buyer might feel better about the future resale value of their home.