As the world becomes more aware of the impact of carbon emissions and pollution on the environment, sustainable modes of transportation are growing in popularity. Cycling and walking are two of the most sustainable modes of transportation, and they are having significant effects on the housing market and affordability.
The Rise of Active Transportation
In recent years, there has been a significant increase in the number of people who are choosing to cycle or walk to work, school, and other destinations. This increase can be attributed to a variety of factors, including rising concerns about the environment, a desire to lead a healthier lifestyle, and the availability of more bicycle- and pedestrian-friendly infrastructure in many cities.
As the number of people who cycle and walk increases, so does the demand for housing that is located near bike lanes, sidewalks, and other infrastructure that supports active transportation. This has led to changes in the housing market, as developers and homebuyers increasingly see the value in properties that are located in areas with good infrastructure for active transportation.
Cycling and Walking Make Housing More Affordable
One of the most significant ways that cycling and walking impact the housing market is by making it more affordable. Housing prices in areas with good bicycle and pedestrian infrastructure tend to be more modest than those in areas without such infrastructure.
This is partly because properties located in bike- and pedestrian-friendly areas are often located in older neighborhoods with smaller, more modest homes. These neighborhoods are more accessible for people who work or study in urban areas because they are often located closer to downtown areas or transit stations.
In addition, living in an area with good bicycle and pedestrian infrastructure can save residents considerable amounts of money by reducing their transportation costs. By cycling or walking to work, school, or other destinations, residents can save money on gas, car maintenance, and other costs associated with car ownership.
The Impact of Active Transportation on Property Values
Studies have also shown that properties located in areas with good bicycle and pedestrian infrastructure tend to have higher property values than those without such infrastructure. This is partly because living in an area with good infrastructure is considered desirable by many people, and can be seen as a sign of a neighborhood or community that is investing in sustainability and quality of life.
In addition, properties located in areas with good infrastructure for cycling and walking are often more accessible to amenities such as restaurants, shops, and parks, which can increase their value.
How Development is Responding to Active Transportation
As the number of people who cycle and walk increases, developers are responding by building new housing developments that are located near bicycle and pedestrian infrastructure. In many cities, new developments are required to include infrastructure for cycling and walking, such as bike lanes and sidewalks.
This has led to a growing number of housing developments that are designed with cycling and walking in mind. These developments often feature amenities such as secure bicycle storage, dedicated bike lanes, and pedestrian-only walkways.
The Future of Active Transportation and the Housing Market
As the world becomes more aware of the impact of carbon emissions on the environment, sustainable modes of transportation such as cycling and walking are likely to become even more popular. This is likely to have a significant impact on the housing market, as demand for properties located in areas with good bicycle and pedestrian infrastructure continues to grow.
As developers and homebuyers continue to see the value in properties located in areas with good infrastructure for active transportation, we can expect to see increased investment in such infrastructure and more housing developments designed with cycling and walking in mind. This, in turn, is likely to make housing more affordable in the long term and create more sustainable and livable communities for everyone.