In 2023, 1.2 million U.S. vehicle buyers chose to go electric according toKelley Blue Book, a Cox Automotive company. For electric vehicle (EV) owners certain factors, like home-charging ability and easy access to charging facilities are necessary for smooth EV ownership. A new report from Realtor.com and Cox Automotive has uncovered the top housing markets for EV owners. These markets include;San Jose, Calif.;Salt Lake City, Utah;San Francisco;Boston;Seattle, Wash.;Durham, N.C.;Austin, Texas;Los Angeles;Washington, D.C.;Denver, Colo.
"A mix of accessibility to charging facilities and a high share of EV-friendly homes listed on Realtor.com made these places the most EV-friendly housing markets," saidDanielle Hale, Chief Economist of Realtor.com . "The data shows that home sellers are very aware of the trend toward electrification. Mirroring the rise in the number of electric vehicles, the share of homes marketing EV-friendly characteristics on Realtor.com is growing over time. Similarly, rates of EV adoption vary by market, and rates of EV-friendly homes in different areas reflect this. As the number of EV owners grows, I expect to see more demand for at-home charging and EV friendly characteristics from both buyers and renters. Sellers and property managers who can meet this demandwhich can be found in newer and older homes will undoubtedly have an edge."
The analysis of most EV-friendly housing markets looked at markets on Realtor.com with a great combination of EV-friendly listings and congestion index, measured as the ratio of EVs and Plug-In Hybrids (PHEVs) to public charging ports to uncover the best housing markets for electrified-vehicle owners.
The Rise in EV ownership Means More Demand EV-Friendly Homes
As EV ownership grows, so does the share of home listings being described as EV-friendly. In 2023, 0.9% of for-sale homes listed on Realtor.com were described as EV-friendly. While the share was slightly below 1%, it has been growing rapidly. Five years ago, it was only 0.1%.
In the number one EV-friendly housing market,San Jose, Calif., one in five households has an electric vehicle. The metro area, consequently, also saw the highest share of EV-friendly homes listed (4.9%) among all the metros in 2023. Additionally,Boulder, Colo.(3.4%),Seattle, Wash.(3.3%),Bloomington, Ill.(2.2%), UrbanHonolulu, Hawaii(2.1%),Bend, Ore.(2.1%),Trenton, N.J.(2.0%) andAustin, Texas(2.0%) all saw a higher-than-average share of EV-friendly homes listed for sale.
"We have found a clear and positive synergy between the housing market and EV adoption," remarkedJonathan Smoke, Chief Economist, Cox Automotive. "While we remain in the early innings in the electrification of the auto market with dramatic variation in adoption thus far, EV-friendly homes are proving to be key. Having access to a charger is fundamental to the ease of use for an EV, and when that charger is in a home it is both convenient and economical. This in turn makes EV-friendly homes stand out in markets with more EV owners."
Opportunity for EV-Friendly Home Growth
There's a growing demand for moreEV-friendlyhomes to accommodate the increasing number ofEVowners. Even inEV-friendlymarkets likeOxnard, Calif.,Riverside, Calif., UrbanHonolulu, HawaiiandPortland, Ore, where there's already a high concentration ofEV-friendlylistings, the crowded public charging facilities indicate a potential for even greater demand forEV-compatiblehomes.
Copyright © 2024 BridgeTower Media. All Rights Reserved.
Most Popular
Comments / 0