It doesn’t come as a shock, higher-income individuals are more likely to own an EV than lower-income individuals. EV manufacturers are catching up and now offer many EVs, such as the affordable Nissan Leaf. But many still see EVs as a luxury. There are some disadvantages to that lingering belief, but there are some advantages too, especially for homeowners. It turns out simple proximity to EV chargers can raise home values significantly. For those who live near public chargers, or better yet, have their own installed, anywhere in America can be a seller’s market.
More Public EV Stations Mean Higher Property Values
Realtor.com tracked 19,743 charging stations in 6,980 ZIP codes in the U.S. listed on OpenChargeMap. After mapping EV charging stations to ZIP codes, housing markets were analyzed in the top 20 cities with the greatest number of EV chargers. 9 of the 20 markets are in California, with Irvine having the highest number of stations.
Irvine’s median home price is $949,000, 1.3 times higher than other L.A. suburbs in the area, and 3.2 times higher than the national average.
Since California real estate is very high priced to begin with, some have written off this data as a coincidence — warmer weather, a more environmentally conscious population, and lots of charging stations equal more EVs, regardless of real estate prices. However, there are other states benefitting from the EV boom including Florida, Georgia, Hawaii, Nevada, New York, Ohio, South Carolina, and Texas; and many of those states have moderate or even below-average real estate prices. But the areas in those states boasting the greatest number of EVs still have real estate prices 1.6 times higher than the surrounding areas and twice that of the national average.
Irvine’s Median Home Price is $949,000
1.3 Times Higher Than Other L.A. Suburbs, and 3.2 Times Higher Than the National Average.
“Our data shows there’s definitely a link between the prevalence of electric vehicle charging stations and higher home prices,” said Danielle Hale, Realtor.com chief economist. The evidence is clear that just living near public EV chargers raises home values.
What’s the Attraction?
Those who drive EVs are obviously going to want to live near public EV chargers. The presence of chargers, however, has another effect. It makes those looking for a home, who may not own EVs, feel the area is more affluent and safe. The presence of EV chargers creates a positive feeling among home buyers. Not convinced?
In 2016, Ready Set Charge California, in conjunction with The Association of Bay Area Governments, Bay Area Climate Collaborative, and more, created blueprints of EV-Ready Communities, including one in the Silicon Valley. They state, that “moving away from hundred-year-old internal combustion technology to advanced plug-in electric vehicles… will provide enormous economic, health, security, and environmental benefits.” This sounds like a place anyone would want to live and leaves potential residents impressed.
What Kind of Chargers Should Be Installed?
While the most popular choice for home charging is Level 1 which plugs in directly into a wall outlet, it is not actually the preferred industry choice. Level 1 charging is very slow and will cause your car to actually work harder to complete a full charge. Installing a Level 2 home charger like the Blink HQ 100 is actually rather inexpensive, much more efficient on your energy usage, and won’t damage your battery long term.
Level 2 chargers are the choice of most businesses and garages. They are the majority of public chargers. They’re also appropriate for those who drive long distances daily or don’t have a charger at home. Level 2 chargers can charge an EV at anywhere from 25-60 miles per hour. The new Blink IQ 200, 80 amps strong, can charge at around 60 miles per hour or more. Level 2 chargers are perfect for corporations with many employees, particularly those who have the ability to move cars throughout the day to enable the largest number of employees and visitors to use the charger.
Install EV chargers in your home and community to attract more people, higher-income residents, create better air quality in your community, and create greater property value for the entire community.