Read the full post from Community Builders.
We’ve been thinking a lot about walkability at Community Builders lately (see posts HERE and HERE), but a recent study from University of Arizona professor Gary Pivo takes the discussion one step (ha!) further, and strengthens the economic case for walkable communities (view the pdf of the study here).
Pivo looked at the relationship between mortgage default and walk scores for multifamily housing. He found a strong inverse relationship: low walk scores were associated with high risk of mortgage default, and high walk scores were associated with low risk of mortgage default. The relationship was strongest at the extremes:
“Where walk score was 80 or more (out of 100), the relative risk of default is 60 percent lower than where walk score is less than 80. Where walk score is 8 or less, default risk is 121 percent higher.”