Access to public transit is the new granite countertop when it comes to home listings.
A Metro train on the Expo line passes by apartments in Culver City en route to Santa Monica. by real estate data firm Trulia, which looked at the language used to describe homes on the market in Los Angeles County from 2013 to 2018.Mentions of the city’s transit almost doubled over the period, and for all but the most expensive quarter of homes, sellers got rewarded for it. On average, the premium was 4.2%.
Across the U.S., younger people are choosing to stay in urban areas longer, putting a premium on homes where they don’t have to get into a car to access their jobs or other amenities. Asponsored by Trulia found that 16% of respondents said they were unhappy about a lack of public transportation in their neighborhood.
A 6.6-mile stretch of Metro’s Expo Line from Culver City to Santa Monica opened in 2016, putting more homes in proximity to the train. The Gold Line was also extended that year.The number of listings mentioning the proximity to bus routes remained steady during the study period while those highlighting nearby rail routes surged, with the Gold Line receiving the most attention, followed by the Red and Expo lines.
One wrinkle in Trulia’s study: Buyers of the most expensive quarter of homes in Los Angeles paid 10.5% less on average for properties advertising transit access.
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