Report finds California cities dominate list of most EV-friendly housing markets
Where’s the most EV-friendly place to own a home?
Not surprisingly, it’s in California, according to a report from Realtor.com and Cox Automotive.
In fact, the 2024 Realtor.com Housing Market and Electric Vehicle Report found three of the top 10 and eight of the top 20 housing markets for EV ownership are in the Golden State.
The San Jose-Sunnyvale-Santa Clara market ranked No. 1 on the list, followed by Salt Lake City, Utah; San Francisco; Boston; Seattle; Durham-Chapel Hill, N.C.; Austin, Texas; Los Angeles; Washington D.C. and Denver.
“A mix of accessibility to charging facilities and a high share of EV-friendly homes listed on Realtor.com made those places the most EV-friendly housing markets,” Realtor.com chief economist Danielle Hale said in a news release. “The data shows 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 that. 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 that demand, which can be found in newer and older homes, will undoubtedly have an edge.”
The analysis ranked markets on Realtor.com based on the combination of EV-friendly listings and the congestion index — the ratio of EVs and plug-in hybrids to public charging ports.
The report noted more home listings are now being described as EV-friendly, climbing from 0.1% of for-sale homes on Realtor.com in in 2018 to 0.9% in 2023.
In the San Jose market, the report said, one in five households has an EV and 4.9% of homes in Realtor.com were listed as EV-friendly — the most of any market. Listings are considered EV-friendly if the include terms such as “electric vehicles” and “240-volt outlet” in the descriptions.
Boulder, Colo. (3.4%), Seattle (3.3%), Bloomington, Ill. (2.2%), Honolulu (2.1%), Bend, Ore. (2.1%), Trenton, N.J. (2.0%) and Austin (2.0%) all had 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,” Cox Automotive chief economist Jonathan Smoke said. “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. That in turn makes EV-friendly homes stand out in markets with more EV owners.”
Still, even in EV-friendly markets like Oxnard and Riverside, Calif., Honolulu and Portland, Ore, where there’s already a high concentration of EV-friendly listings, the crowded public charging facilities indicate a potential for even greater demand for EV-compatible homes, the report said.
The full report is available at www.realtor.com/research/electric-vehicles-2024.