A study conducted by CEOs for Cities suggest that neighborhoods that are accessible to amenities, services, and public transportation by foot, command higher housing prices than those that are not. The website Walkscore.com actually rates neighborhoods from a scale of 1-100 based on their walk-ability.
Conway has an average score of 43 and my apartment has a disapointing score of 5. Meanwhile a friends apartment in Burbank, CA scores an impressive 75.
This NY Times article makes a case that people who owe significantly more on their mortgage than their home is worth might be better off to walk away, even if they can afford the payments. The Wall Street Journal ran a similar article a few weeks ago.
The idea is that many people who bought homes with little or no down payment during the market’s peak could walk away and rent a similar home for a fraction of the price. The additional savings could significantly increase their financial well-being by sacrificing their credit.
John Courson, the president of the Mortgage Bankers Association disagrees and questions what kind of “message” homeowners who voluntarily walk away will send to family, kids, and friends. He correctly cites that foreclosures futher depress surrounding home prices.
Conway Chamber of Commerce is putting together its long range plan and would like your help prioritizing its goals for the next 15 years. You can take the survey here.
Priorities on my list included:
- Young Professionals
- Parks & Recreation
- Art & Culture