Buyers, renters willing to pay more for homes with air conditioning
5:17 PM, Jul 3, 2018
5:19 PM, Jul 3, 2018
SAN DIEGO (KGTV) - Buyers and renters are likely to pay higher prices for a home that has air conditioning, according to a Zillow analysis released Tuesday.
In San Diego, 10.8 percent of homes sold in the past year had central air conditioning. The amenity helped sellers command an additional $4,084 more on average than the homes without it.
On Zillow, the typical U.S. home with air conditioning rented for $40 more per month than homes without it.
"With summer temperatures hitting record highs across the country, today's home buyer places a premium on the once-upon-a-time luxury amenity of air conditioning," said Zillow senior economist Aaron Terrazas said.
Terrazas said it's hard to find a home without air conditioning in areas where temperatures reach triple digits.
In Las Vegas, 99.1 percent of homes sold in the last year had air conditioning. In Phoenix, Ariz., 97.9 percent of homes sold had it.
The New York, Las Vegas and Phoenix metros all had the highest rent premiums for air conditioning.
However, central air conditioning in the New York metro, which includes northern New Jersey and Long Island, is fairly rare. Only 17.2 percent of New York metro rental listings advertise air conditioning, compared to 54.7 percent in the U.S. overall.