Capturing the Value of Walkability

Capturing the value infrastructure investments add to the residential market is a longstanding policy to defray their expense. Unfortunately, estimates of the added value of infrastructure, generally, and estimates of the added value of walkability, specifically, are scarce. Novel, multiscale models free independent variables to manifest simultaneously at different scales of analysis to greatly improve specifications to precisely estimate walkability valuation. Results from analysis of years of transactions within walking distance of heavy rail stations suggest that walkability adds value available for capture locally, not systemically. Stakeholders confront myriad problems to replicate the accessibility characteristics shown to add value given the distinct cluster where walkability adds value available for capture in a heavy rail system.