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The Higher Cost of Walkability Living

03/21/2016

Over the past several years, walkable living has become all the rage. Simply put, having this type of lifestyle gives you the opportunity to walk to from home to work, visit grocery stores, dine out, experience different local venues, and more. Although walkability living is in great demand, many experts believe it comes at a price.

Ease and Convenience of Walking

Especially for young professionals, a walkability lifestyle is ideal. With this, you can rent a luxury apartment in or near downtown and have quick and easy access to different places of interest by walking. This unique lifestyle offers the freedom and ease that so many millennials want. You can literally leave home and, within minutes, be at work, a hotspot nightclub, shopping center, restaurant, grocery store, and more.

With a walkability lifestyle, your home is in the middle of the action. Virtually everything you enjoy is within walking distance. Obviously this is extremely convenient, but because of the location of the home, you can expect to pay more in rent.

Typically, luxurious apartments and townhomes in or near downtown areas are more expensive. For one thing, you pay for elegant living, and in addition, you are provided with high-end amenities such as on-site fitness facilities, doorman, security, rooftop pool, and so on. Plus, when the walkability factor is added to the equation, landlords are in a position to charge more for rent.

Dallas and Dallas Submarkets

One of the biggest walkability living locations around the country is metro Dallas. This part of Dallas scores a 47 out of 100 on the walk score, which ultimately shows that while Dallas is still a high-demand location for walkable living, you need to own a car or use public transportation for getting around. In comparison, the walk score for North Dallas jumps to 59, while East Dallas scores 69.

When looking at rent for metro Dallas, as well as several submarkets, including Plano, McKinney, and Allen, you will find that the average rent is between $1,076 and $1,130 per month depending on the size of the unit. For these markets, walkability is an option, but again, other transportation is required. However, in North Dallas and East Dallas, both submarkets with stronger walkability living, rent increases to $1,274 and $1,232 a month respectively, which again varies based on the unit size.

According to experts, it is apparent that although properties are similar and share many of the same amenities, being able to walk to more places actually pushes up the amount of monthly rent. Of course, other things must be factored in, such as availability, supply, market conditions, and home prices. The bottom line is that if you want to enjoy a walkability lifestyle, you will have no problem finding locations around the country. However, in exchange for a walkable lifestyle, be prepared to spend more in rent.

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