Walkable neighborhoods translate directly into higher home prices, according to a new report from the business group CEOs for Cities.

The researchers studied real estate listings in 15 metropolitan areas and found a positive relationship between a home’s value and its Walk Score, a representation of its walkability on a 100-point scale based on how close it is to amenities like grocery stores, schools, and parks. On average, relocating a house from a neighborhood with average walkability to one with above-average walkability would increase the home’s value by anywhere from $4,000 to $34,000. (This correlation did not exist in two areas, Las Vegas and Bakersfield, Calif.)

The study controlled for neighborhood characteristics including distance from the city center, proximity to jobs, and neighborhood income. It also controlled for house and lot characteristics like size, number of bedrooms and bathrooms, and whether the house is single-family or condominium.

Researchers were unable to control for access to transit, which is usually better in walkable neighborhoods and might account for some of the price premium. And as the report points out, Walk Score is not a perfect representation of how walkable an area is. But the study makes a convincing case that mixed-use neighborhoods where residents can run errands and recreate on foot (or bike) are a boon to property values. As CEOs for Cities president Carol Coletta says,  “If urban leaders are intentional about developing and redeveloping their cities to make them more walkable, 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.”

If planners need more evidence, they can look at previous research from the group, which suggests that sprawl was a key factor in the housing bubble crash, and that home prices have been more stable closer to city centers.