Joseph Suppa has seen homebuyers flocking to an area just west of Richmond Avenue, so they

can live in close proximity to the shops and restaurants of Elmwood Village.

Many of the buyers were priced out of homes closest to Elmwood, so these blocks are proving

an affordable alternative, said Suppa, an agent with M.J. Peterson Co. He said he has sold

some homes for more than $100,000 that just three or four years ago were going for $50,000.

The "walkability" factor comes into play in a new national study on home values. Its

researchers found that homes located within walking distance of amenities such as schools,

parks and shopping aren't only more convenient for their owners, often they're also worth more

than homes in neighborhoods where driving is the rule.

While the report did not include the Buffalo area in its research, Suppa said he can relate

to its findings.

"I think that points right to city living," Suppa said. "There is a huge demand for that

kind of lifestyle."

For city dwellers in Buffalo, that is reflected in homes close to pedestrian friendly areas

such as Hertel Avenue, Elmwood Village and Allentown, with their clusters of stores,

restaurants and services, as well as theaters and entertainment.

The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets,

higher levels of "walkability" were directly linked to higher home values.

The report, "Walking the Walk: How Walkability Raises Housing Values in U.S. Cities," was

commissioned by CEOs for Cities, a national network of urban leaders from the civic, business,

academic and philanthropic sectors.

It's an important point for home-buyers who are trying to identify which homes will hold

their value, said Joseph Cortright, the report's author and a senior policy adviser to CEOs

for Cities. Cortright is an economist and president of Impresa, a Portland, Ore.-based

consulting firm.

Walkable places have some of the best chances of performing well in years ahead, he said.

Peter Hunt, chief executive officer of Hunt Real Estate Corp., said he believes the study's

findings have validity in the Buffalo area, not only in city magnets like Elmwood and Hertel,

but in suburban settings such as Hamburg and East Aurora, which have their own pedestrian-

friendly centers.

"I think it dovetails a lot into what we're seeing in Western New York," he said.

He also points to an example such as Delaware Park and the value of homes close to it. "I

think a huge contribution to the value of real estate is enhanced by the ability to walk to an

amenity," he said.

While a street bordering the park such as Nottingham Terrace draws a lot of traffic, the

values of the homes on that street remain high, he noted. Residents there are close not only

to the park but to attractions such as the Buffalo Zoo and the Buffalo and Erie County

Historical Society.

The study's analysis used transaction information from ZipRealty. It calculated walkability

of the homes using the Walk Score algorithm, which grades addresses based on amenities that

are nearby, from restaurants and coffee shops to parks and libraries. Scores range from 0 to

100, with 100 being the most walkable; a score higher than 70 indicates it's possible to get

around in the area without using a car.

Controlling for other factors including a home's size, the number of bathrooms and

bedrooms, age, neighborhood income levels, distance from the Central Business District and

access to jobs, the study found that a one-point increase in Walk Score is linked to an

increase in home value between $500 and $3,000, depending on the market, according to the

study.

The premium for homes in neighborhoods with above-average Walk Scores ranged from $4,000 to

$34,000, according to the report.

The premium walkability affords isn't the same from place to place. Dense urban areas such

as Chicago and San Francisco showed higher price gains based on higher Walk Scores; in less

dense markets like Tucson and Fresno, home prices didn't jump as much due to higher

walkability.

Other metropolitan areas included in the study were: Arlington, Va.; Austin, Texas;

Charlotte, N.C.; Dallas, Texas; Jacksonville, Fla.; Phoenix, Ariz.; Las Vegas, Nevada;

Bakersfield, Calif.; Sacramento, Calif.; Seattle, Wash.; and Stockton, Calif.

There are environmental and health benefits from living in a place where the car can stay

parked. In promoting Walk Score, said Matt Lerner, chief technology officer of Front Seat, the

software company behind the score, his firm emphasizes how walking rather than driving can

play a part in preventing global warming and how people who live in walkable areas weigh seven

pounds less, on average, than those who don't. Places with higher Walk Scores also often have

better mass transit services, according to the report.

This study, however, puts the focus squarely on housing values.

"I don't know of any other study that has put a dollar value on walkability," he said.

Consider two neighborhoods in Charlotte, N.C. In Ashley Park, with a typical Walk Score of

54, the median home price was $280,000. In Wilmore, where the average score was 71, a similar

home would be valued at $314,000, according to the report.

While convenience does play a role in the desirability of walkable neighborhoods, consumers

still haven't forgotten the days of $4-a-gallon gas -- and that scar is influencing where they

want to buy a home, Lashinsky said.

"When people are looking to buy a house now, they know in the back of their mind that there

is a risk that gas prices can be higher than they are right now," Cortright said.

"This is not about people having to live without cars." Rather, it's about giving people

the option to use them less often. "They don't need to use them for every single trip, and

when they do have to, they don't have to drive as far," he said.

The findings are also important for policy makers, said Carol Coletta, president of CEOs

for Cities, in a news release.

"They tell us that if urban leaders are intentional about developing and redeveloping their

cities to make them more walkable," she said, "it will not only enhance the local tax base but

will also contribute to individual wealth by increasing the value of what is, for most people,

their biggest asset."