According to a new study conducted by UCLA and UC Berkeley, “green” homes sell for 9 percent more than their counterparts. This means that while the average home in California is selling for $400,000, a green home goes for $434,800.
But what exactly is a green home? Houses with the “green-label” are those that have been labeled by Energy Star, LEED, and GreenPoint for features such as increased energy efficiency. So, while these houses may cost you 9 percent more upfront, they’ll be saving you on your utility bills in years to come.
Not sold on the green movement? That may have to do with the region you live in. The study shows that the sale of green homes varies considerably throughout different regions of California. Not surprisingly, these houses sell best in areas with hotter climates. People in the hottest weather probably put the most money into energy bills, and so have the most incentive to buy a more energy efficient pad.
Be sure to consider location before investing heavily into green home features. In addition to climate, the study found that the number of green homes sold at high prices correlates with the area’s overall eco-ideology. For example, areas with the most hybrid-drivers also ranked high in green-labeled homes. Keep in mind that a green home is much more valuable to a green community.