The Correlates between Walkable Environments and Housing Price using Multi-level Model

We examine 554 state basic districts and 1,832 householders in Busan metropolitan city to see whether the physical and walkable characteristics of housing influence apartment prices. We use two-level hierarchical linear models with multilevel modeling for a more accurate analysis. Walkable characteristics in level 2 state basic districts potentially explain 77% of the variation in housing values. Overall, our hierarchical spatial analysis based on new state basic districts in Korea explained price variation better than previous studies, which considered each householder. The results provide policy opportunities for planners and citizen groups to pursue strategies that encourage the development of walkable and sustainable neighborhoods.