For many people living and/or working in population dense parts of major cities, transportation means something completely different than for suburbanites.  An associate of mine recently saw Rick Mercer, a well known Toronto journalist and comedian with his own TV show, someone presumably fairly well off, get on the subway and sit near him.  Many urban core dwellers choose not to own a car partly because of the cost but also because they don’t really need one.  They can find most anything they want by walking, by bicycle, or public transit if absolutely necessary.

So a growing consideration in real estate is an area’s “walkability”.  In other words, how far do you have to walk to fulfill your various wants and needs?  Some areas were designed for completely different purposes (eg. office buildings) and so they do little to accommodate the area’s residential buildings and those people’s needs.  So having a high walkability rating can make a considerable difference in a property’s value.

A site called Walkscore rates a home’s walkability.  It looks at the proximity of local establishments of various kinds and gives the home a walkability rating.  The site awards points for amenities such as a restaurant, store, park, school, or library located within a mile of the home. The closer the amenity is, the more points the home gets.  Amenities located within a quarter mile get the most points.

This can be especially useful for prospects looking at homes in a suburban sprawl who don’t have a car.  For instance, Markham (a suburb of Toronto) is a mostly bedroom community with relatively little commercial development.  An associate of mine once lived there, and he told me the nearest movie rental store was 2-3 miles away.  When you consider modest income people with families and young children and daycare needs, walkability is surely a considerable factor in their home search.

But I think walkability is important in general because so many people today are convenience addicts.  They really value having that Starbucks and that book store and that trendy restaurant as close to them as possible.  They want to have a variety of places nearby who will deliver food to their door late on any given night.  Many young people love the idea of living in a vibrant urban core where there’s lots of action.  When they go out for a night on the town, they won’t have to spend a fortune on cab rides to or from their destination.

So if you, as a buyer rep, can show your clients homes with a high walkability rating, that might make all the difference in their decision about which home to buy.