Taxpayers in Los Angeles to commit $120 billion for public transit expansion
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More homebuyers in Los Angeles are looking for homes near public transportation, according to new data from Trulia, a home and neighborhood site for buyers and renters.
Trulia’s data showed that home listings in Los Angeles that specify proximity to public transportation have risen in the past few years.
“The share of listings in L.A. including public transit keywords such as ‘metro’ or ‘subway’ has doubled since 2013,” Trulia wrote. “These listings are especially common along L.A.’s Metro rail lines, which are the focus of a $120 billion public transit expansion.”
“Los Angeles is infamous for its sprawl and car culture. But the city is actively promoting alternatives to private automobiles, and mobility in and around L.A. has changed dramatically in recent years. Santa Monica is actively experimenting with electric scooters in its Shared Mobility Pilot Program, and L.A. taxpayers have pledged $120 billion toward expanding public transit,” Trulia wrote.
The percentage of Los Angeles County listings searching transit-related keywords climbed to 4.5% in 2018 from 2.3% in 2013, Trulia reported. Homes, in every market, except the most-expensive market segment, with nearby transit access are selling for nearly 4.2% more than those far from public buses and trains.
Good public transportation in a neighborhood has become one of the most significant factors homebuyers are looking for in picking their new home. Across the nation, 16% of Trulia’s neighborhood survey respondents cited a lack of public transportation as an issue.
The shift in broader preferences toward the urban lifestyle could also be one of the possible explanations for the increasing use of transit keywords, according to Trulia.
“Some neighborhoods in the east and northwest of the region have high concentrations of transit mentions despite lying some distance from Metro’s rail network,” Trulia wrote. “These neighborhoods seem mostly to fall into two categories: those with a Metrolink commuter rail station and a few with an unusually heavy concentration of listings commenting on nearby bus stops.”
