2. Temperature variations are not accounted for.
3. "The cost to exercise" (e.g. cost to live in walkable areas, average cost of gyms, etc.) is not accounted for.
Furthermore, the website (haven't read the paper yet) implies walkability is always good. Walking around during the summer time in a hot climate like Texas will get you killed [1]
The analysis is obviously good, however it basically says what's already obvious, rich people exercise more (in the case of United States). Is there something inherent in the areas that make people more or less likely to exercise or is it the demographics? Most of the evidence points to the latter. This raises the question: since you inherently can't change your demographic, what difference does it make?
[1] This happened just a couple weeks ago:
http://www.foxnews.com/health/2017/06/23/texas-boy-scout-die...