For most of us, the term Livability Index is new and one that we are unfamiliar with. We do not hear the term often in our daily lives and so there is a chance that either we never knew a concept like this even existed, or we never made an effort to understand what it means. Before we move on to explain what it means and how it can be determined, let us tell you that Livability Index is probably one of the most important concepts in the real estate industry.
Now that you are taking an active role in the housing market, you cannot do justice to buying or selling a property till the time you are not aware of the livability index of any city that you may be interested in.
In the simplest of terms, a livability index is a tool that measures the livability of a city or community. Note that the livability index of a city, nation, or region is obtained and recorded over a period of 1 year. It uses methods to figure out what the people living in that community feel about the city and how they can improve it for the better. The ranking is then decided by assessing a combination of both qualitative and quantitative properties. These methods can include public surveys, interviews, or data collection. Here is what researchers and surveyors aim to find information about through the use of these methods -
- Quality of Life
- Economic Climate
- Political Stability
- Subjective Factors like happiness, life satisfaction, well being, sense of belonging
- Public Services
- Employment Opportunities
The purpose of figuring out the livability of a locality is to understand the current situation and encourage the people to make it better through effective solutions.
Why is it Known as The “Livability” Index?
A common belief in the real estate industry is that highly livable communities help their residents to thrive and it is only when the residents live a quality life that communities prosper and transition towards improvement. Whether you are a first-time homebuyer or someone close to their retirement, everyone would want to live in a community that provides them with not just the necessities but also a quality of life.
It is important to note that the meaning of “livable” for every individual is different. While some may prefer connectivity to the city and easy accessibility to public transportation, for others it might mean the availability of healthcare or educational institutions. This is the reason why the livability index tool has adopted a holistic approach for measurement. Livability has now become a tool that is central to understanding the needs of the homeowners and taking into account factors that are universally important to all communities across India.
Factors Determining Livability Index
The minute you glance through these factors, you will instantly realize that the livability index takes into account all that there is to include about communities and the housing sector.
Housing
There is a reason why this is the very first factor we are discussing when it comes to measuring the livability index. Home is where the heart is, right? That is exactly why housing is a central component that decides whether a community is worth living in or not. Since we spend most of our time at our home and it is a place of rest that we come back to at the end of a hectic day, your property needs to make you feel comfortable and relaxed. The core of the livability index is to ensure that people of all religions, ages, incomes, and capabilities have an opportunity to enjoy quality housing. The costs of the property, the location, amenities, and its accessibilities to the main city are the most essential components of housing.
Neighborhood
We already know how important this is for a good quality of life. Most homebuyers have this factor at the top of their priority list even when they are house hunting. An ideal neighborhood makes it easier for residents to reach from one place to another. Whether it is the nearby parks for early morning walks or shopping centers that make weekends interesting, a good neighborhood should have all these facilities. On the other hand, neighborhoods should also have good access to distant destinations either through public transportation or well-maintained routes.
Transportation
As a home buyer, you would want to know if you and your family can safely get from one place to another. If the transportation system is not accessible or safe enough, you will have issues in connecting with people and conveniently reaching places that need to be traveled to daily. Livability Index believes that personal transportation is more convenient, healthy, accessible, and affordable as compared to driving your vehicles.
Environment
Does the locality where your shortlisted property is located have a clean and safe environment? In case you do not know how to assess this, here is where the livability index comes into the picture. It not only records the water and air quality of the city but also makes sure that each community has a resilience plan prepared in case of emergencies and natural disasters. Since the main purpose of figuring out the livability index is to make sure home buyers and residents are protected, healthcare of the environment is equally important too.
Health
Quality of life and healthcare go hand in hand. Believe it or not, where you live does affect your health either directly or indirectly. We are sure that you would not want to live in a locality where quality healthcare is not guaranteed. Whether it is the health of the homebuyer or your purchased property, the livability index assesses everything. Here are a few factors that the livability index takes into consideration -
- Speed Limits
- Social Engagement Measures
- Air and Water Pollution
- Access to Healthy Food
- Framework for Security and Safety Measures
- Engagement
It is a fact that even if you are living in a home that you have always dreamt of settling down in, you cannot enjoy life without minimal interaction with the community and its people. Firstly, the neighbors must make sure any new resident in the locality is felt welcomed and supported. Whether it is the community meetings or celebrating festivals together, a livable community will ensure that there is no social isolation and effective interaction. The work of an individual assessing the livability index of a community would be to see in which ways people engage with one another and how they ensure that everyone is included in all decisions. Conflict resolution is another criterion used to judge the livability of a community.
Opportunity
Whether it is an opportunity to access equal healthcare or to work with fair wages, all of us seek opportunities in one way or another. Opportunities will only come your way if you live in a community that is diverse and welcoming of residents of all ages and backgrounds. From jobs to education, the livability index assesses how a city plans to present opportunities to its residents and ensures that everyone is being given a fair chance to grab them. Healthy local governments and a regional economy are the pillars of a strong livability index.
While this is a relatively new phenomenon, it is not too hard to understand. It is true that only when you know about a community and its strengths and weaknesses, only then you can decide where you want to search for your dream home and settle down. Even though finding the right property is always a priority for homebuyers, the feeling of satisfaction goes way beyond that. Living in a friendly neighborhood, a locality that offers you connectivity to all major parts of the city, and gives you a variety of added amenities is one where any of us would love to live!
In our lifetime, buying a property is a rare occurrence. It is a journey that all of us will remember for the rest of our lives. What is even more important than buying property, is to make sure that you do it in the right city and the right environment. The livability index assists you in figuring out exactly this!
Now that you have learned about a new concept and how it is measured, do you feel your home buying experience might become slightly more efficient? If not, then tell us how we can assist you in making your experience seamless and hassle-free!