Gas Prices May Encourage More Walking

If you’re moving into a new neighborhood the ability to walk to destinations might be a determining factor when deciding where to live. Especially when you take into consideration the cost just to drive to the grocery store and back. A new Web site promises to help you figure out how walkable your neighborhood really is by rating how far you have to go on foot to do your errands and have a good time.

The Web site, Walk Score, sizes up the stores, restaurants, schools, parks and other destinations within walking distance of a given property and uses that information to calculate a walkability score between zero and 100.

Walk Score looks at the distance to walkable locations near an address, calculates a score for each location, and combines all of the scores into a single measurement. Walkscore creator, Matt Lerner said research shows that the average person is willing to walk less than a quarter mile to destinations they visit frequently, such as a grocery store.


The left column shows the closest location in each category, but is expandable to show all locations within walking distance. You can compare Walk Scores between neighborhoods to help determine an optimal place to live for your exercise needs.

As you can see above, the 810 W Fourth St condos in downtown Winston-Salem have a Walk Score of 77. But what does that mean? The web site provides this guide to help you interpret the numbers:

90 – 100: Walkers’ Paradise. Most errands can be accomplished on foot and many people get by without owning a car.
70 – 90: Very Walkable. It’s possible to get by without owning a car.
50 – 70: Some Walkable Locations. Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
25 – 50: Not Walkable. Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
0 – 25: Driving Only. Virtually no neighborhood destinations within walking range. You can walk from your house to your car!

Rate increase could mean more competition for homes

A recent survey and a rate increase could mean more competition for homes

Recent indication is that first time home buyers are getting tired of sitting on the sidelines. According to a recent online poll taken by the National Apartment Association, 17 percent of renters plan to make the jump to home ownership in the next year; 41 percent of the 2,041 respondents planned to be home owners within two years. Only 31 percent planned to still be paying rent five years from now.

Another factor that could very soon contribute to an increase in home buying could be rising mortgage costs. Fixed-rate mortgage rates rose to 6.32 percent, the highest it has been since October. After months of aggressively dropping interest rates, many lenders are worried that the Fed will be forced to raise rates back up. As interest rates rise, so do mortgage rates. According to a press release on freddiemac.com, Frank Nothaft, Freddie Mac vice president and chief economist said that, “Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman [Ben] Bernanke and Vice Chair [Donald] Kohn, expressed concern over a threat of inflation.” We may very well be seeing the beginning of the end of the super-low mortgage and potential buyers may realize that with rising rates, now may be the time to jump in. Nothaft added, “Moreover, pending home sales for April unexpectedly rose by 6.3% and mortgage applications for home purchases … were also up last week.”

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