It used to be a jetted tub or a kitchen island that caught the eye of home buyers but a new analysis shows that having a place to plug in your electric car is a main selling point for some. Realtor.com conducted a study of home values in relation to their proximity to electric-vehicle charging stations and found that homes closer to such stations commanded higher prices.
The study found that the nations most expensive zip codes are also the most accommodating to electric vehicles by volume of charging stations.
“Our data shows there’s definitely a link between the prevalence of electric-vehicle charging stations and higher home prices,” said Danielle Hale, chief economist at Realtor.com. She notes however the difference between correlation and causation saying “wealthier homeowners are more likely to purchase expensive electric vehicles”.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.