The American Prospect recently posted an article by Ben Adler about the desirability of walkable urban communities. Take a look at the complete article, but here is a highlight that Memphis should notice:
"There is a large unmet demand for walkable urban living. While less than 10 percent of the housing stock is walkable -- meaning that you can safely walk to shopping and mass transit -- in most metropolitan areas, academic research has found that roughly one in three Americans would prefer to live in a walkable urban environment. That is why housing in places such as San Francisco, New York, and Leesburg's neighbor, Washington, D.C., is so expensive and has been relatively insulated from the dramatic recent drop in home values. By contrast, the automobile-dependent Washington exurbs and even inner-ring suburbs have seen dramatic drops in housing prices."
Hmm. Two things:
1. I would bet that Memphis is even less than 10% walkable to start with.
2. Increased walkability contributes to stable housing prices. Let's start thinking about how we want to invest in our communities and re-invest in walkable neighborhoods.
Thank-you to our active member, Corky, for sharing!