These Are the Top EV-Friendly Housing Markets in the U.S.
While electric cars continue to gain speed in the market, drivers in many U.S. cities still struggle to find convenient ways to charge up.
Perhaps unsurprisingly, the West Coast is the most friendly to electric vehicle owners, according to a joint report by Realtor.com and Cox Automotive released Wednesday. The report identified the top housing markets attracting EV owners, and San Jose, in the heart of California’s Silicon Valley, ranked No. 1.
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“The data show that home sellers are very aware of the trend toward electrification,” said Danielle Hale, chief economist of Realtor.com, in the report. “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.”
The West Coast includes four of the top five locations in the report, with San Jose, leading the list with a 4.9% share of EV-friendly listings and 24 EVs per public charging port. Rounding out the leaderboard is Salt Lake City, Utah (1.6% and 17); San Francisco (3.8% and 29); Boston (1.3% and 13); and Seattle (3.3% and 29).
The analysis looked at a combination of EV-friendly listings and a congestion index, measured as a ratio of EVs and plug-in hybrids to public charging ports.
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“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,” Hale said. “Sellers and property managers who can meet this demand—which can be found in newer and older homes—will undoubtedly have an edge.”
There were 1.2 million EV buyers in the U.S. last year, according to Kelley Blue Book. As that figure grows, the demand for homes with EV charging capabilities is also increasing. Five years ago, the number of for-sale homes listed on Realtor.com described as EV-friendly was only 0.1%. Last year, that figure rose to 0.9%.
While the list includes a mix of cities across the nation, besides Boston, the only other metro area in the Northeast in the top 20 is Washington, D.C., which has a 1.6% share of EV-friendly listings and 19 EVs per public charging port.
“We have found a clear and positive synergy between the housing market and EV adoption,” said Jonathan Smoke, chief economist of Cox Automotive, in the report. “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.”
Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.