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Why We Pay More for Walkable Neighborhoods

New data points to the economic power of walkable neighborhoods – and the high cost of living in them.
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Instinct probably tells you that you’ll pay a lot more to live in a downtown apartment, above a grocery store, next to a bar strip and within walking distance of your work place than you will to settle into a comparable home in a bedroom community outside of the city. As this model of compact urban living grows more popular – and every new housing projection reaffirms that it is – walkable places are also growing more expensive.

Just how much more expensive, though, may shock you. New research from the Brookings Institution has created a five-tiered scale of walkability for metropolitan neighborhoods, from completely non-walkable places (exurban residential communities where everyone gets around by car) to mixed-use, dense and amenity-rich neighborhoods where you may not need a car at all (think, in the Washington, D.C., region, Dupont Circle and Georgetown).