2023 marked a significant milestone with over 1.2M U.S. drivers opting for electric vehicles. The surge in EV sales, led by popular models like the Tesla Model Y, is evolving not only vehicle preferences but also lifestyle choices in general.
A new report from Cox Automotive uncovers the top housing markets for those looking to make the switch to EV ownership.
Perhaps unsurprisingly, among the top twenty most EV-friendly housing markets, eight of them are California metros.
San Jose took the number one spot with one in five households driving an electric vehicle. The metro area, consequently, saw the highest share of EV-friendly homes listed (4.9%) among all the metros in 2023.
It’s also interesting to see the non-California markets like Salt Lake City, UT and Durham, NC near the top of the list. It might be important to note that these areas also happen to have the highest share of young households (with head of household aged 25 to 34), and are near important tech hubs or have rising tech sectors, factors that are likely accelerating adoption in those areas.
At-home EV chargers are becoming increasingly vital in markets with prevalent EV ownership and scarce public charging, offering convenience benefits for buyers, while simultaneously enhancing property appeal for sellers.
This trend is reshaping the housing market, with an increasing number of property listings boasting features like dedicated charging stations.
In 2023, 0.9% of homes listed on Realtor.com were described as EV-friendly, a significant rise from just 0.1% five years ago.
Nearly 48% of those accommodating homes were constructed in or after 2010, signaling a trend towards newer, EV-ready abodes; however, older homes were not left behind with 17.8% of listings built before 1970 having adapted to the new charging tech.
The demand is likely to continue on it’s current trajectory as EVs become more prevalent and public charging ports continue to struggle with high congestion.
Unfortunately, most renters are still struggling to figure out how EVs fit comfortably into their lives. A recent study shows that they are three times less likely than homeowners to buy an electric vehicle due in large part to the accessibility of charging facilities.
While chargers at workplaces and public parking lots are good options, most residents who live in multifamily dwellings show a strong preference for the convenience of near-home charging (who wouldn’t?).However, there is hope. Rental communities in places like Austin and Los Angeles are responding to demand by increasing the share of EV-friendly listings, and new building codes in California mandating charging infrastructure in multifamily dwelling will offer more inclusive options for EV ownership among renters in the future.