"An increasing movement toward more walkable cities"
CNBC released its list today of the top 10 most walkable cities in America, and includes in it a discussion of the growing trend among towns and cities to create neighborhoods with pedestrian-friendly streets and bustling downtown shopping districts. These features are a key part of smart growth development strategies and, as CNBC writer Cindy Perman explains, walkable neighborhoods have benefits beyond street-level charm. Walkable neighborhoods feel safer and more social, and help build exercise into daily routines. But even more importantly, walkable neighborhoods bring economic benefits:
You wouldn’t spend much time hanging around in the parking lot of a strip mall in a car-dependent suburb. But, you would linger in a very walkable city, which means you’re more inclined to spend more. Quite a bit more, in fact. The Urban Land Institute studied two Maryland suburbs of Washington, DC, one walkable and one not. They found that the Barnes & Noble book store in the walkable suburb made 20 percent more in profits than the one in the driving-dependent suburb.
“We call that a place-making dividend,” McMahon said. “People stay longer and come back more often and spend more money in places that attract their affection.”
There’s an economic benefit for homeowners, too: Homes in walkable cities hold their value better than those that were heavily reliant on driving, according to Smart Growth America, a group that promotes “smart growth” instead of suburban sprawl.
