Study Links High Home Prices to Electric Vehicle Charging Stations

Apr 23, 2019

Photo credit: Getty Images/Marco_Bonfanti

Now, here is a story that would make Elon Musk happy: Home prices in the nation's top 20 neighborhoods with the greatest number of electric vehicle charging stations are listed, on average, at 1.5 times higher than their surrounding metro area on average and 2.6 times above the rest of the country, according to a study from Realtor.com.

According to the new data analysis, the combined median listing price for the top 20 ZIP codes with electric vehicle charging stations is $782,000. Nine of these 20 ZIP codes are in California and have an average of about 30 charging stations; the ZIP code 92618 in Irvine, Calif. has the most charging stations with 77.

However, not everything is copacetic in this picture: Half of homes in these ZIP codes sell in 75 days, which is an average of 15 days slower than their surrounding metro area and 10 days slower than the rest of the country.

"Our data shows there's definitely a link between the prevalence of electric vehicle charging stations and higher home prices," says Danielle Hale, Chief Economist at Realtor.com. "But there's a difference between correlation and causation. The trend we're seeing in the data is most likely a result of the fact that wealthier homeowners are more likely to purchase expensive electric vehicles. But regardless of the cause, if you're shopping for a home in a ZIP with an abundance of electric vehicle charging stations, you'll likely pay a premium."

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Phil Hall

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Apr 23, 2019

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