Effects of expanding electric vehicle charging stations in California on the housing market
Date of Original Version
Vehicle electrification is critical to enabling countries to develop more sustainably. Wider electric vehicle (EV) adoption relies on the deployment of EV charging stations (EVCSs). However, the local benefits associated with offering more charging opportunities to nearby residents remain unexplored. Here we provide empirical evidence on the impacts of proximate EVCSs on housing prices in California. We apply a hedonic property value approach using the EVCS data combined with about 14 million housing transaction records during 1993–2021. Our results show that access to charging infrastructure can be capitalized into property values. The average price premium for houses with EVCSs within 1 km is about 3.3% (or US$17,212) compared with homes without proximate EVCSs. The largest effect is a 5.8% increase for houses with EVCSs within 0.4–0.5 km compared with houses without proximate EVCSs. We find different results across neighbourhoods with diverse socio-demographic characteristics. Proximity to EVCSs increases traffic flows by 0.3–0.5% and lowers particulate matter (PM2.5) emissions level by 1.3–2.2%. The increased property value after EVCS installation can incentivize the private real estate sector to expand the availability of charging services. More information on the housing price premium should be provided to facilitate the deployment of this sustainable infrastructure.
Publication Title, e.g., Journal
Liang, Jing, Yueming (Lucy) Qiu, Pengfei Liu, Pan He, and Denise L. Mauzerall. "Effects of expanding electric vehicle charging stations in California on the housing market." Nature Sustainability (2023). doi: 10.1038/s41893-022-01058-5.