• 328 days Could Crypto Overtake Traditional Investment?
  • 333 days Americans Still Quitting Jobs At Record Pace
  • 335 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 338 days Is The Dollar Too Strong?
  • 338 days Big Tech Disappoints Investors on Earnings Calls
  • 339 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 341 days China Is Quietly Trying To Distance Itself From Russia
  • 341 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 345 days Crypto Investors Won Big In 2021
  • 345 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 346 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 348 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 349 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 352 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 353 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 353 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 355 days Are NFTs About To Take Over Gaming?
  • 356 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 359 days What’s Causing Inflation In The United States?
  • 360 days Intel Joins Russian Exodus as Chip Shortage Digs In
  1. Home
  2. News
  3. Breaking News

The Surprising Catalyst Sending Some U.S. Home Prices Soaring

Housing

House prices in the top U.S. ZIP codes for electric vehicles (EVs) are higher in areas in close proximity to EV charging stations than in the surrounding metro areas, a new analysis by realtor.com showed on Monday.

The analysis used data from Open Charge Map to track 19,743 charging stations across 6,980 ZIP codes, and then analyzed the housing markets of the top 20 areas with the most EV charging stations.

The realtor.com analysis found that the median listing price for the top 20 ZIP codes for EV charging stations—of which nine are in California—is US$782,000. This is 1.5 times higher than the listing price in their surrounding areas and a good 2.6 times higher than the rest of the U.S.

“Our data shows there’s definitely a link between the prevalence of electric vehicle charging stations and higher home prices,” Danielle Hale, chief economist at realtor.com, said in a statement.

“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,” Hale said.

The top 20 ZIP codes for EVs in the U.S., based on the number of EV charging stations per ZIP code, is topped by Irvine, California, followed by Paso Robles, California; Orlando, Florida; San Diego, California; and Saint Helena, California.

Outside California, the top 20 ZIP codes includes cities in Florida, Georgia, Hawaii, Nevada, New York, Ohio, South Carolina, and Texas, the realtor.com analysis showed.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment